.
Australians are being told to prepare for weaker economic growth and higher unemployment, while still finding enough money for the mortgage, groceries and electricity.
Apparently, the economy is slowing down. Unfortunately, nobody has told the bills.
Treasurer Jim Chalmers has warned that higher inflation and interest rates are squeezing households and weakening economic activity. Treasury is revising its forecasts ahead of December’s midyear budget update.
That creates a difficult balancing act. Inflation needs to come down, but losing your job is a devastating price to pay for cheaper price increases.
And the employment concerns are becoming tangible.
NAB has announced plans to cut up to 2,500 internal roles during the 2027 financial year, about six per cent of its workforce, as it restructures and redirects resources towards growth and technology.
For management, that’s simplifying the operating model. For employees, it means wondering whether they can keep paying for their own operating model: food, housing and transport.
Corporate restructuring has several causes. One bank’s announcement doesn’t prove the whole economy is collapsing. But it adds to uncertainty for workers already under pressure.
Meanwhile, Snowy 2.0 has delivered another mountainous bill.
The project’s latest estimated cost is $22.2 billion, with an allowance taking the potential total to $25 billion. Full operation is now expected in 2029. Its original headline estimate was $2 billion.
At this point, the “2.0” certainly isn’t the price.
The project has an important purpose: storing energy by pumping water uphill, then releasing it to generate electricity when needed. But that purpose doesn’t excuse weak cost control or unrealistic promises.
My view? Governments must explain how they’ll protect employment, target household support and deliver infrastructure at a defensible cost.
Businesses cutting staff should explain their decisions and support affected workers.
Australians understand difficult conditions. What they need is evidence that the people managing the economy, and its biggest projects, understand the consequences.
Because households have already revised their budgets. They’re waiting for everyone else to show the same discipline.
Craig Hill is a Brisbane-based author, journalist, teacher, business consultant and social justice campaigner. He is the General Manager of the Australian Book and Language Studio.
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