Queensland Nationals Senator, Barnaby Joyce, said the reality of the global economic condition is becoming more evident day by day and Mr Rudd’s and Mr Swan’s unfortunate inability to address the issue, in a substantial manner, gains more clarity as every further dollar leaves the wallets of Australian working families.

“The Australian dollar has started to devalue, which will leaves Australia extremely exposed to inflationary pressures from Asia, as they are the main provider of our retail imported consumer goods. On top of this, imports of other crucial commodities shall also be affected.

“The American share market is still precarious, irregardless of the immense fiscal and monetary stimulus which has been provided to it in the recent period and the ramifications of this has been accentuated rather than just matched in the Australian share market. This dispels the ridiculous myth of the Australian/Asian/US de-coupling.

“Fuel prices are going through the roof because of a range of things, including the increase of the price of a barrel of oil and the devaluing Australian dollar. However, Labor has a complete inability to manage this crisis because they cease to have an effective bargaining position with the oil companies. The reason for this is because of a range of factors including:

• The lack of promotion of an alternate compatible product in the market place, such as ethanol, which would force down prices and take some of the oil based fuel share from the market;
• the lack of the Sites and Franchises Act, which Labor supported to repeal, that gave the oil companies and the two retailers carte blanch on controlling all fuel retailing if they wish. This allows total vertical integration of market control, thus giving the oil companies the capacity to extract the premium they desire from the Australian working family; and
• The lack of a Trade Practices Act strong enough to deal with anti-trust provisions. This is an effective mechanism to deal with market overcentralisation and allows the government to break up companies when their hold on the nation’s commerce is unable to be controlled by effective competition.

“Steering the economic ship, at this point in time, is Mr Wayne Swan who Mark Latham, his former leader, recollects a conversation with Joel Fitzgibbon in which it was stated - ‘Swannie was hiding in his office shaking like a leaf’ (Financial Review – 20 March 2008) the day after the budget in 2005. If Mr Swan was shaking like a leaf in opposition I imagine he is currently in a lather of cold sweat now that his are the hands on the economic rudder.

“This is the same person who will be responsible for making sure the financial pressures on working families do not leave them without a house after interest rate increases have put repayments beyond the family budget.” Senator Joyce said.



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