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Morrison’s socialism attack ’embarrassing’: Labor

Federal Treasurer Scott Morrison delivers a speech at the Bloomberg office in Sydney. Photo: Paul MillerLabor’s shadow treasurer Chris Bowen has labelled Scott Morrison’s attack on “red” Bill Shorten embarrassing, accusing the Turnbull government of having no future policy direction.
Nanjing Night Net

The Treasurer charged the opposition with “economic time travel” on Thursday, by leading what he claims is the most left-wing Labor movement Australia has seen in generations.

“The neo-socialists in the Labor party have joined forces with the cynical opportunists to create quite a deadly faction and they are running the Labor Party and if Bill Shorten gets to slither into the Lodge then this will be wreaked on Australia,” he told reporters after his Bloomberg Address in Sydney.

Mr Bowen accused Mr Morrison of having nothing positive to say about the future of the country, following the attack on Labor. It is the second in as many weeks as part of a broader Coalition strategy that imagines a socialist Australia with Mr Shorten in charge.

“The latest round of Liberal Party focus on Bill Shorten is beyond embarrassing,” Mr Bowen said. “It’s telling the Australian people a year into the term that they’ve stopped governing.”

As both sides exchanged political barbs, the Australian Bureau of Statistics released positive economic news on Thursday.

One of the key building blocks of Australia’s Gross Domestic Product, due to be released next week, defied economists’ predictions in producing better than expected results.

The Bureau’s private capital expenditure survey for the three months to June suggests strong business confidence could soon produce more investment.

According to Commsec economist Craig James, the economy will see the biggest lift in planned investment in seven years, with businesses pencilling in a 17.6 per cent rise from April next year.

Total new capital expenditure grew by 0.8 per cent, beating economists’ predictions of a 0.2 per cent rise.

In a sign the drag on the economy created by the end of the mining boom may finally be waning, the size of the investment drop-off has become smaller and smaller.

“Mining capital expenditure has fallen in every quarter of the past three years,” said Capital Economics chief economist Paul Dales.

“But at least the size of the falls are smaller than the double-digit declines in 2015/16, so mining is exerting a smaller drag on GDP growth.”

Mr Morrison said he was optimistic the end of the mining boom’s long tail would finally see a pay rise for Australians battling through historically low wage growth.

“As [Reserve Bank Governor Philip Lowe] said in his recent Parliamentary testimony: “If labour markets are strong, eventually workers will get bigger pay rises.”

Commonwealth Bank economist Kristina Clifton said the Reserve Bank would be pleased with Thursday’s result.

“The labour market has improved, the outlook for non???mining business is looking a lot better and there is a solid pipeline of public infrastructure spending still to come,” she said.

“The final piece of the puzzle to watch for now when thinking about the timing of future rate hikes is wages growth and inflation.”

This story Administrator ready to work first appeared on Nanjing Night Net.

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