The US, UK and Australia have announced they will "streamline" the purchase, with Australia no longer buying new submarines, and acquiring three second-hand ones.
Over the pandemic, Australian Government gross debt increased from $534.4 billion in March 2019 to $885.5 billion in April 2022 and is now at the highest level relative to GDP (gross domestic product) since the 1950s when debt accrued during the Second World War was still on the Australian Government balance sheet
Add to that, the economy is experiencing a prolonged “per capita recession” (where economic growth falls behind population growth, causing living standards to decline). A headline recession remains a rising risk as high interest rates, inflation, and a softening labor market squeeze households.
Mostly because they have hundreds of billions in “loans” to corporations and then “forgave” them.
The same thing happened in every western “democracy”, and the people are paying for all that debt with 20-50% inflation in the cost of living, plus interest on the debt to the same people who got the handouts.
It’s called corruption and theft. There’s no freedom like the democracy of capitalist dictatorship.
Love a second hand submarine.
I’m sure parts and maintenance won’t drive an already struggling nation further into the red.
Originally it was for 2 used, 1 new. Minor changes to an already ridiculous deal.
And Australia isn’t struggling economically. But it sure is mismanaging the wealth it generates.
Over the pandemic, Australian Government gross debt increased from $534.4 billion in March 2019 to $885.5 billion in April 2022 and is now at the highest level relative to GDP (gross domestic product) since the 1950s when debt accrued during the Second World War was still on the Australian Government balance sheet
Add to that, the economy is experiencing a prolonged “per capita recession” (where economic growth falls behind population growth, causing living standards to decline). A headline recession remains a rising risk as high interest rates, inflation, and a softening labor market squeeze households.
Mostly because they have hundreds of billions in “loans” to corporations and then “forgave” them.
The same thing happened in every western “democracy”, and the people are paying for all that debt with 20-50% inflation in the cost of living, plus interest on the debt to the same people who got the handouts.
It’s called corruption and theft. There’s no freedom like the democracy of capitalist dictatorship.