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australia seems to be headed for economic crisis. all the indicators are present:

> growth anaemic, productivity chronically low, diversification third-world, industrialisation ever-declining, dependent on imports and on export market demand. business is not upgrading or improving productivity except on balance sheet by relying on cheap low-skill foreign labour (cost cutting and debasement) - eroding existing working class, inflating demand for domestic markets and heaping burden onto public welfare.
> middle-class shrinking, middle and upper classes institutionally entitled to greater profits than they themselves can actually produce without subsidy. rentierism equated with entrepreneurship.
> govt massively expanding public sector, subsidising inefficient sectors, treasury bleeding and reliant upon mortgaging future to stay presently afloat. treasury does not seem to know wtf they are doing, but it feels like they are deliberately attempting to inflate mortgage industry and betting the house on it not all collapsing despite obvious risk. australian economy is slave to real-estate bubble not just to grow, but now to not shrink - it logically follows that at some point, paper values will so dwarf 'real' demand that continued growth will be completely unsustainable. to keep this constant inflation, the working classes will be so squeezed and diluted until their power is so diminished that there is nothing left to milk, and then the house of cards shall collapse.
> increasingly resembles a late soviet command economy, except state is captured by a few co-aligned sectors. fiddling around with inflate/deflate levers for everything else, attempting to rationalise one unproductive cluster of sectors with the remainder.
sans immediate remediation, one gets the impression that only a severe (sharp or protracted) recession will correct the frankenstein's monster that is the australian economy of today.