> ## Content Index > Fetch the complete content index at: https://goodoil.news/llms.txt > Use this file to discover other available public pages before exploring further. # Labor Come in like a Wrecking Ball - URL: https://goodoil.news/labor-come-in-like-a-wrecking-ball/ - Published: 2026-09-01T23:30:14.000Z - Updated: 2026-09-01T23:30:13.000Z - Description: Albanese’s tax-and-spend socialism is flattening the only asset most Australians have. - Author: Lushington Brady - Tags: AUS Politics, Economy, Housing A decade ago, some of the harder heads in the Australian Labor Party tried to strip its century-plus commitment to socialism from its policy platform. Then **Anthony Albanese** became leader. Having served his apprenticeship under a literal communist, and spent his entire adult life living off the taxpayer, Albanese has dragged the ALP the furthest to the left since **Gough Whitlam** appointed a literal Marxist as treasurer. It shows. > [Continued growth](https://www.theaustralian.com.au/nation/politics-latest-one-nation-a-threat-to-senior-labor-and-liberal-mps/live-coverage/65b3e76072b483a3d4608c824d455b30?ref=goodoil.news) in government spending is set to help the Australian economy stay afloat in the June quarter, offsetting weaker terms of trade driven by high fuel costs and record imports of electric vehicles. The only problem with government spending is, to borrow from **Margaret Thatcher**, that sooner or later the government runs out of other people’s money. In Australia’s case, it’s happening sooner. Not for want of trying, of course: Albanese’s is a classic tax-and-spend wannabe socialist government. Except that they’re spending faster than even they can tax. > Despite a nine per cent bump in the Australian government’s total tax take the combined bottom line has worsened to just under a $3bn deficit in the three months to June, while debt more than doubled the previous quarter to more than $23bn. > > Fresh figures from the Australian Bureau of Statistics show that despite collecting more than $20bn in additional tax, 10 per cent quarterly growth in government spending has worsened the national bottom line by $3.6bn since the March quarter. > > The national net operating balance now sits at a $2.8bn deficit for the June quarter, while general government borrowing leapt from $11.4bn in the March quarter to more than $23bn in the latest reading. Just to help out Labor’s slower kids, like Finance Minister **Katy Gallagher**: that’s a net *loss*, not a saving. But this isn’t a government that does savings. Thanks to their obliteration of the housing market, not many ordinary Australians will be saving any time soon, either. > [House prices in](https://www.theaustralian.com.au/nation/sydney-house-prices-on-track-for-largest-market-crash-in-40-years/news-story/61be46b137a4263ecf797d1e90d30c1f?ref=goodoil.news) Australia’s biggest property market are plummeting at a rate on track to deliver the largest annual decline in 40 years, crunching household spending and GDP growth, amid forecasts that hotly anticipated investment in data centres will act as a drag on the economy in two years. > > Within weeks, **Jim Chalmers** and Anthony Albanese will face the prospect of a fourth 0.25-percentage-point interest rate increase this year to fight inflation, piling pressure on a housing market further dampened by the May budget tax changes, and leading some economists to warn of stagflation or a recession in Australia. House prices plunging, interest rates rising: it’s ’70s-style stagflation with a suburban view. To make it even more damning, Labor’s incompetent meddling is punishing hardest those it makes the most noise about ‘helping’: young Australians. Those still trying to get into the housing market will be locked out even harder when rents spike, as they are already doing, thanks to those demonised investors fleeing the property market. With rents set to increase by as much as 30 per cent, renters won’t be able to afford even the cut price houses that will flood the market. Worse, those young Australians who have got into home ownership in the last five years, especially those who blindly took advantage of the government’s five per cent deposit scheme, now sit in houses that are worth far less than the mortgage they’re paying off. A mortgage set to only get worse as interest rates keep rising. No one doubted that the housing market was overheated in Australia. What was needed, though, was an easing of demand – primarily by slashing immigration. Instead, the government has, with typical socialist cluelessness, swung a wrecking ball through what is the primary source of the average Australian’s meagre wealth. A weekend Newspoll found 62 per cent of voters want house prices to stay the same or rise: only 32 per cent want them to fall. Voters understand, even if Chalmers does not, that a family home is not a speculative chip for Treasury to smash in the name of ‘affordability’. > In the first full quarter of data since the May budget, property analytics firm Cotality recorded a 4.7 per cent drop in dwelling prices in Sydney, which if continued would amount to an 18.4 per cent annual crash \[…\] > > “There is a clear risk that we end up with the largest correction in recent history,” \[Goldman Sachs chief economist **Andrew Boak**\] said of home prices, “and given the pace of decline is so significant, that usually needs a circuit break in the form of a rate cut. But there is no rate cut any time soon.” Translation: we’re screwed. Meanwhile, Labor, tacitly conceding that their ‘renewables transition’ is a trillion-dollar bust, are now hanging all their hopes on a shiny new technological bauble: data centres. (Which will go much the same way as all those solar and wind farms.) Goldman Sachs says construction peaks with a 30-basis-point add to annual GDP in 2027 and then turns into a modest drag. Like the ‘renewables’, what it will really amount to is shipping Australia’s fast-vanishing wealth overseas. Just as all the solar panels and wind turbines are made in China, about two-thirds of the data centre kit is imported. This is what happens when a party that never quite gave up on socialism gets its hands on the only asset ordinary people have built. --- 💡 ****If you enjoyed this article please share it using the share buttons at the top or bottom of the article.**