Australian Prime Minister Scott Morrison.
Australian Prime Minister Scott Morrison. Matt Taylor GLA170519SCOMO

Miracle workers will certainly be in high demand

REGARDING Estelle Laming's letter (Daily, June 4) in which she overlooks several facts in her reinvention of the origin of the national debt.

In 2007, Labor inherited a high taxing, high interest rate and inflationary economy from a lazy LNP government who squandered the immense profits from the mining boom of the 1990s.

From 2007 to 2012, the world was in the grip of the global financial crisis.

Thirty million people became unemployed with unemployment rates topping 26 per cent in some countries.

$35 trillion was wiped off share markets.

Nearly 500 banks failed.

Almost alone in the developed world, Australia, through the intervention of the Rudd Labor Government's stimulus spending, maintained an unemployment rate between 5 and 6 per cent, and added nearly a million jobs.

Our economy grew by more than 13 per cent.

The LNP has now been in power for 16 of the past 22 years.

Today, we have an economy that is not growing, unemployment teetering on 8 per cent and inflation is stagnant.

In short, another recipe for a recession.

Australia is in a bad position to respond should a recession occur because the LNP has doubled the national debt in six years.

Prime Minister Scott Morrison might seem like a miracle worker and based on the LNP's past record of economic management Australia will certainly need one, should a recession occur.

KEN DYER

Landsborough



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