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A rich and confident country

By Michael Knox - posted Thursday, 27 October 2022

To make sure they cover all their bases, they are providing more support to affordable housing.

Clearly this is an economy with plenty of resources.

Conclusion

There may be talk of hardship and difficulty. The major problem this budget faces however is the happy difficulty of distributing the benefits the economy and the government has received from the very high terms of trade and very high commodity prices that Australia is now receiving.

This provides this country with an unusual experience in a world where many countries are facing increasing difficulties and major hardship. We should be grateful that our problems are such little ones.

The beneficial outlook provided by the terms of trade has the result of maintaining unemployment at levels which are extremely low, in comparison to the previous two decades. We can see this in Figure 4 drawn from Budget Statement No 3, page 81.

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