A tech entrepreneur has slammed Australia’s economic management, claiming our ‘natural resources, education, peaceful security environment and huge Asian customer base were all being squandered’. 

Misha Saul, a former investment manager and the co-founder of AI firm Dragonfly, shared a post on X (later reported in news outlets) slamming everything from international university student intakes to the NDIS, cuts to greenhouse emissions, the Snowy Hydro 2.0 cost blowout and even low fertility rates. He added that the current government could not be blamed for the economic conditions, which had developed over decades and successive governments.

AMP’s chief economist Shane Oliver was also quoted, stating the economy was suffering due to factors such as a growing public sector, increased workplace regulation and the tax system, adding that the high rotation of prime ministers since 2007 has bred an environment where leaders and lawmakers lack the boldness of figures such as former prime minister Paul Keating or treasurer Peter Costello. 

Responding to the Saul comments, fund manager Roger Montgomery attacked ‘ideologies’ such as ‘wealth distribution’ and what he described as the blowout of the property market (while Saul had been angered by the high cost of housing). He also blasted Australia’s lack of GDP growth. A Treasury spokesman responded by noting Australia has recorded faster annual growth than every major advanced economy except the US. Data from the Australian Bureau of Statistics showed nominal GDP was about $2.12 trillion in the March quarter, growing 2.5 per cent annually. 

With so many strong opinions on the economy, having accurate information is crucial. At Newealth, we can help you create a holistic financial plan built on clarity, discipline and integrity, so you can focus on long-term financial security.

General Advice Warning:

The information in this blog is general in nature and does not take into account your personal objectives, financial situation or needs. You should consider whether the information is appropriate for you and seek professional advice before making any financial decisions.
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