“Worse, the IMF reckoned that the world economy would remain in a very weak recovery and never recover the losses from the Great Recession unless action was taken by governments.” The Australian government’s actions will do pretty well what the IMF is proposing: amounting to a tsunami-like assault on the Australian working class with spill over effects to aid programs that provide some sort of support to the most impoverished and vulnerable in some other countries.
To my knowledge there has been no comparable analysis of what happened in Sydney at the G20 under Joe Hockey’s chairing.
The G20 economy and finance ministers met in Sydney Australia over the weekend and announced that the G20 would aim to raise the global growth rate by 0.5% pts per year, so boosting world output by 2% or $2.25trn from where it is expected to be in 2018. In November, the G20 will meet again in Brisbane, Australia to outline the actual measures that are supposed to achieve this faster growth rate.
How is this to be done? Well, a support paper produced by the IMF outlined the strategy IMF paper for G20 meeting in Sydney. Basically, it boils down to more neo-liberal policies of deregulation of markets, particularly in services like finance, insurance and business services; labour market ‘reform’ around cutting pension spending, increasing employer power to hire and fire and reducing job rights; and more infrastructure spending, mainly by governments providing work for private sector construction companies…
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