Andrew Leigh

 The Hon Andrew Leigh MP

Assistant Minister for Competition, Charities, and Treasury

Assistant Minister for Employment

E&OE TRANSCRIPT
RADIO INTERVIEW
ABC RADIO CANBERRA, BREAKFAST WITH ROSS SOLLY

FRIDAY, 21 MARCH 2025

SUBJECTS: Cracking down on the supermarkets to get a better deal for Australians

ROSS SOLLY: So, as I mentioned earlier, and you've heard in the news - confirmation in this ACCC report that our supermarkets are among the most, if not the most profitable in the world. Which I guess we should celebrate. But we also learn from this report that those same supermarkets failed to pass on the full benefits of cost savings during the cost of living crisis. The report also paints a pretty grim picture of the chances of anything changing any time soon. Unless more competition is introduced, it is likely to remain as is. Because I tell you what, there's been plenty of big sticks waved at those supermarkets, but they still continue to do very, very well profit wise and it doesn't seem to be a lot of changes happening to help out shoppers. Dr Andrew Leigh of course, Member for Fenner, also Assistant Minister for Competition joins us this morning. Andrew Leigh, good to chat with you again.

ANDREW LEIGH: Great to be with you.

ROSS SOLLY: So I guess we should. Should we celebrate that our supermarkets are so profitable?

ANDREW LEIGH: No, I think it’s a real concern. Certainly we've seen supermarket margins rising over the last five years, especially on packaged goods. One of the troubling things about this report is that it finds that the big two have increased their market share over the last 17 years since the ACCC last did a deep dive into grocery competition. We’ve seen Metcash shrinking, and the ACCC doesn't see a significant threat from Amazon. So it does appear that the duopoly have strengthened their power, and some evidence that both have been playing tag team instead of tug of war.

ROSS SOLLY: But which - surely that's illegal?

ANDREW LEIGH: Well, some of the specials are particularly questionable. There's analysis in ACCC report which shows oscillating specials for certain products. Coles has it on special one week, then Woollies. It seems a curious pattern to be going on.

ROSS SOLLY: Is that collusion then? You can’t do - can you do that Andrew Leigh? Is that what you're alleging this morning?

ANDREW LEIGH: Well, I'm just relaying what's in the ACCC report Ross, and I need to be careful over things which could ultimately lead to legal action. But this is a very careful analysis of pricing data. They've analysed over 1 billion prices. This is a data deep dive that we haven't seen beforehand. And what the report reflects is a lot of the concerns that our policies have reflected. We’ve got the mandatory Food and Grocery code, which will come into place next month – which the Coalition voted against. We've been funding CHOICE to give shoppers more information, clamping down on shrinkflation with the Unit Pricing Code and working with the states and territories with planning and zoning, which is a big thing the ACCC flagged.

The Hon Andrew Leigh MP

Assistant Minister for Competition, Charities, and Treasury

Assistant Minister for Employment

E&OE TRANSCRIPT
RADIO INTERVIEW
ABC RADIO CANBERRA, BREAKFAST WITH ROSS SOLLY

SUBJECTS: Best unemployment performance by a government in half a century; construction sector productivity.

THURSDAY, 20 MARCH 2025

ROSS SOLLY: A couple of different reports out today. Good morning to you Andrew Leigh, how are you?

ANDREW LEIGH: Good morning Ross. It’s great to be with you.

ROSS SOLLY: You know what they say about lies, damn lies and statistics. So, we have two reports today. We have the McKell Institute report, which has shown Andrew Leigh, that we are just in the middle of the greatest run of low unemployment since the Whitlam Government.

ANDREW LEIGH: It is a remarkable story Ross. I mean, traditionally, when inflation has spiked in Australia, the way we've got it back down is through a recession or a prolonged bout of unemployment. That was the story of the 1970s, 1980s and 1990s and it's what the British and New Zealanders have suffered in recent years. The Australian experience has been very different. We've maintained essentially full employment, an average unemployment rate of 3.8% over the life of the Albanese Government. Here in the ACT - 3.4%, so the story of the labour market of the last 3 years is a remarkable one, and one which is really unique in Australian history.

ROSS SOLLY: But then we have reports today that building companies in Australia are collapsing at record levels Andrew Leigh. 3,445 building firms have been plunged into insolvency just in the past 12 months. We've had a dramatic spike in strike numbers. We know here in the ACT the number of building firms that have collapsed. So that is a remarkable story, but for all the wrong reasons for the Albanese Government.

ANDREW LEIGH: Well, we know that we've had a pent-up series of insolvencies delayed after COVID as a result of some of the rules that were changed around insolvency there. In terms of industrial days lost to disputes, there are fewer industrial days lost to disputes under this government than under the previous government.

We know that there are huge challenges in construction sector productivity. There was an excellent Productivity Commission report on it recently, but it wasn't about blaming the unions. It went through issues such as approval times, lack of innovation, lack of scale, and some of the issues around skills, which we're addressing through our half a million free TAFE places.

ROSS SOLLY: So are you saying Andrew Leigh, that some of these building companies, they would have collapsed ages ago, but only survived because of support that was handed out during COVID? Is that right?

ANDREW LEIGH: Well, there were changes to the insolvency rules there Ross, which meant that there was a series of insolvencies that followed the reversion of those rules to the way in which they normally were. Every insolvency we take very seriously, and we do our best to assist those companies through, but we do know that there are serious issues in construction. Construction sector productivity has fallen slightly since 1994, so it has been an ongoing challenge. But that challenge is not, as some of the ideologues would have you believe, to do with unions. Indeed, the residential construction sector is essentially un-unionised.

Stronger Together: How Co-operatives Build a Fairer Economy

The Hon Andrew Leigh MP 

Assistant Minister for Competition, Charities and Treasury 

Assistant Minister for Employment 

Co-Op Federation Assembly 2025: UN International Year of Co-Operatives

Art Gallery of NSW

20 March 2025

Australians don’t sit back and wait for problems to solve themselves – we step up, we work together, and we get things done. Cooperation is part of who we are. It’s mateship in action, self-reliance at scale, and fairness in practice.

Whether it’s farmers protecting fair prices, workers building industry super funds, or communities ensuring access to affordable housing, co-operatives have long been the quiet achievers of our economy – reshaping markets and putting fairness at the centre of economic life.

I’m excited to be here today at the Co-op Assembly 2025 to talk about this important topic.

Here in the Naala Badu building, I acknowledge the Gadigal people of the Eora Nation, the traditional custodians of the land on which we meet today. I pay my respects to their elders past and present, and I extend that respect to all First Nations people here today.  

Like Australia’s co-operatives, this gallery has become more diverse over time, not only expanding its collection of Indigenous art, but also building its collection of international art. My mother, Barbara Leigh, has an ongoing interest in textiles in Southeast Asia. She reminded me that a dedicated space for Asian art only opened in 1988, flourishing under Edmund Capon and Jacqueline Menzies, and expanding into this new building.

This evolution wasn’t accidental. It was built through collaboration – by people who believed in the value of cultural diversity, who pooled resources, and who created something greater than the sum of its parts. That same spirit of cooperation underpins the co-operative movement. Just as this gallery has grown through collective effort, co-operatives, too, show us what’s possible when people come together with a common purpose.

Thank you to the Co-op Federation for inviting me to speak today at the Co-op Assembly 2025, in celebration of the UN International Year of Co-operatives. This year’s theme – 'Co-operatives Build a Better World' – isn’t just an ideal. It’s a fact. Co-operatives have demonstrated their potential to enhance economic fairness, resilience, and community empowerment – particularly in sectors such as agriculture, finance, and energy. Globally, co-operatives have helped shape industries and foster economic inclusion, particularly in regions where traditional business models have failed to serve local communities.

For me, this is not just an abstract concept – it’s personal. During the Great Depression, my grandfather Keith Leigh and his friend Lindsay Brehaut saw families in their community struggling to afford basic goods. So, they founded the Hobson’s Bay Co-op, giving locals the ability to pool their buying power and secure fair prices. It was a simple idea, but a profound one: that by working together, they could build a more secure, more just economic future. And that’s what the co-operative movement has always been about – people banding together, not just to get by, but to take control of their futures.

And this isn’t just history. Co-operatives are addressing today’s biggest challenges – from clean energy to economic inclusion. That’s why, today, I want to talk about how co-operatives have shaped Australia and why they are more relevant than ever in our mission to build a better world.

The Least of These: Dignity, Justice, and the Fight Against Inequality

Dr Andrew Leigh MP

Assistant Minister for Competition, Charities and Treasury

Assistant Minister for Employment

Catholic Social Services Australia Conference

Sydney

19 March 2025

Thank you for the opportunity to address you today. I acknowledge the Gadigal people of the Eora nation and pay my respects to all First Nations people present. Their connection to community and country reminds us of our ongoing responsibility to care for each other.

The Gospel of Matthew teaches us powerfully:

‘Truly, I tell you, whatever you did for one of the least of these brothers and sisters of mine, you did for me.’ (Matthew 25:40)

This teaching resonates deeply with Australia’s ideals of fairness and community. Yet, our society today faces a significant challenge: inequality. Inequality matters profoundly - not just economically, but morally, socially, and spiritually. It shapes opportunities, influences life outcomes, and determines who shares in our national prosperity.

In reflecting upon inequality today, I’d like to begin with a thought experiment developed by the Dutch economist Jan Pen.

Imagine all Australians marching in a one-hour parade, their height reflecting their wealth.

At first, you wouldn’t see anyone - the poorest Australians, submerged by debt, would be underground. Several minutes would pass before you see people the height of tiny insects, representing those with minimal savings and precarious jobs. At half-time, the parade participants would be barely waist-high, reflecting an average wealth level that is far below what many expect.

It isn’t until the last few minutes that the parade gets dramatic. Australians become giants, several metres tall, owning investment properties and multiple cars. In the last seconds, billionaires appear, their heads literally in the clouds. The richest Australian would tower over 46 kilometres high - far above Mt Everest.

This image vividly captures the scale and drama of inequality in Australia today.

The Historical Journey of Australian Inequality

Yet it was not always like this. As I documented in my book Battlers and Billionaires, Australian history shows fluctuations in inequality, shaped by policy, events, and the collective actions of citizens.

When British settlers first arrived in 1788, inequality was limited - not due to idealism, but survival. Governor Arthur Phillip’s invitations to dinner famously concluded, ‘Please bring your own bread,’ reflecting the scarcity of resources and the reality that inequality was limited by necessity.

Yet inequality quickly rose through the nineteenth century, driven by land distribution favouring the wealthy. Under Governor Lachlan Macquarie, who ruled the colony from 1810 to 1821, more than half the land granted went to just the top 10 per cent of settlers. By the late nineteenth century, disparities between landowners and labourers were immense. Historian Stuart Macintyre describes colossal extremes between the luxurious life of pastoralists like Richard Casey and the hard labour endured by workers like Jock Neilson, who struggled through bush labour with minimal wages and harsh living conditions.

The early twentieth century brought change. In 1907, the Harvester Judgement established a basic wage designed to lift families out of poverty. Australia saw the creation of institutions such as the Commonwealth Conciliation and Arbitration Court, introducing worker rights into the national conscience. Still, stark inequalities remained, with large segments of society excluded from prosperity.

However, the post-war period between the 1940s and 1970s marked what economists call the ‘Great Compression.’ Strong unions, progressive taxation, expanded public services, and affordable housing policies dramatically reduced inequality. For several decades, Australians experienced significant upward social mobility and rising standards of living for the majority.

Yet since the 1980s, Australia has seen what economists describe as a ‘Great Divergence,’ reversing the gains of earlier decades. Today, the top 1 per cent of income earners receive nearly 10 percent of national income, nearly doubling their share from 40 years ago. Wealth inequality is even more extreme, with the richest fifth owning more than 60 times the wealth of the bottom fifth.

This widening gap is not just economic - it profoundly affects people’s everyday lives. Those at the bottom face greater health challenges, including a stark difference in life expectancy - Australians in the richest fifth of the population live an average of six years longer than those in the poorest fifth. The poorest Australians have seven fewer teeth on average due to poor dental care. In education, the wealth gap translates into substantial resource disparities between affluent and poorer communities.

Why Inequality Matters

Inequality does not simply represent a difference in wealth; it shapes our society. Excessive inequality erodes social cohesion, reducing empathy and undermining community bonds. When wealth is concentrated among a few, society becomes fragmented. Our sense of collective responsibility diminishes, and the fabric that binds us as Australians weakens.

Catholic social teaching stresses the inherent dignity of every person, the importance of community, and the imperative to act justly towards one another. From Pope Francis’ call for inclusive economies to teachings on the common good, Catholic faith underscores the urgency of addressing rising inequality.

For too many Australians, the promise of a fair go - the belief that effort and hard work determine success, not birth or background - has felt increasingly out of reach. Inequality is not just an abstract economic issue; it affects our communities, our health, our opportunities, and our sense of national cohesion.

No government is perfect, but I want to argue today that ours has done more to address inequality than any government in well over a decade.

Taking office three years ago, on the tail of the Covid pandemic, we have acted decisively to ensure that prosperity is shared more fairly across our society.

Lifting Wages and Supporting Secure Work

One of the most direct ways to reduce inequality is by lifting wages and ensuring job security. Since coming to office, the Albanese Government has delivered consecutive wage increases for 2.6 million Australians, particularly benefiting low- and middle-income earners. These pay rises ensured that minimum wage workers were not left behind as the cost of living rises.

Furthermore, our government has tackled insecure work by introducing stronger protections for casual employees who want to transition to permanent work, establishing minimum standards for gig economy workers, and enforcing ‘same job, same pay’ provisions to prevent labour hire workers from being exploited. These reforms help ensure that Australians can rely on stable incomes, reducing the financial precarity that fuels inequality.

From Monopoly to Lego: Building a More Competitive Economy From the Ground Up

Dr Andrew Leigh MP

Assistant Minister for Competition, Charities and Treasury

Assistant Minister for Employment

Corones' Law Competition Reform Event

Sydney

19 March 2025

I acknowledge the Gadigal of the Eora Nation. I pay my respects to Elders past and present and extend that respect to First Nations people taking part in today’s event.

Fresh out of law school, I had the privilege of working as one of Justice Michael Kirby’s High Court associates. I answered the phone, put thousands of letters in envelopes, made hundreds of cups of Ceylon Orange Pekoe tea and occasionally had the chance to do some legal research (Leigh 2016).

One of the things I learned was that lawyers would be lost without resources like Corones’ Competition Law (Svetiev 2023). Pages dog-eared and tabbed to death, Corones is a trusted source of how the courts have ruled and how arguments have been won and lost.

Corones texts also stand as a record of reform. Over many editions, it has captured everything from judgments on the original 1974 legislation, to reforms allowing third parties to access infrastructure in the 1990s, to the introduction of criminal cartel sanctions in the 2000s.

And today, a new round of competition reforms takes shape. This includes the new merger regime – the largest shakeup of Australia’s merger settings in half a century. And it includes a revitalised National Competition Policy agenda. These are the two areas I want to cover today, with a focus on the microdata underpinning these macro reforms.

Building an innovative economy

Ultimately, competition reform is about improving the long-term prosperity of the Australian people. This means getting the policy settings right if we want to build a stronger, more resilient and dynamic economy.

Think of the end-game as more like Lego than Monopoly. In Monopoly, one person gets everything while everyone else watches in frustration. In Lego, all the players get to build something – though in both cases, stepping on a piece can be painful.

As US congressman Jake Auchincloss put it, ‘Everybody, when they think about playing with Legos, has this sense of creativity and empowerment.’ (Klein 2025)

Competitive markets help ensure Australians pay fair prices for goods and services (Leigh 2024a). Without competition, businesses can charge whatever they like – kind of like airport food courts, where a ham and cheese sandwich requires a mortgage.

Competition also promotes choice and freedom.

The challenge is Australia’s competitiveness has been declining since the 2000s, while market concentration has nearly doubled since 2010 (Chalmers and Leigh 2024).

THE HON CLARE O’NEIL MP

MINISTER FOR HOUSING AND HOMELESSNESS 

SENATOR THE HON KATY GALLAGHER

SENATOR FOR THE ACT

THE HON DR ANDREW LEIGH MP

MEMBER FOR FENNER

ALICIA PAYNE MP

MEMBER FOR CANBERRA

DAVID SMITH MP

MEMBER FOR BEAN

MEDIA RELEASE

More Homes, More Opportunities: Delivering For Canberra 

Monday 17 March 2025

The Albanese Government’s Housing Australia Future Fund (HAFF) is delivering 757 new social and affordable homes for the Canberra region, part of more than 13,000 across Australia under the first round of the HAFF.

The Housing Australia Future Fund is a $10 billion investment and part of the Albanese Government’s plan to deliver 55,000 new social and affordable homes over the next 5 years, including for at-risk women, children, key workers and veterans.

This follows the Albanese Government starting the largest house build in Australia’s history, building 1.2 million homes for Australians over 5 years.

Details of the Housing Australia Future Fund homes that are being delivered in Canberra appear below.

THE HON JULIE COLLINS MP

MINISTER FOR AGRICULTURE, FISHERIES AND FORESTRY

MINISTER FOR SMALL BUSINESS

SENATOR THE HON MURRAY WATT

MINISTER FOR EMPLOYMENT AND WORKPLACE RELATIONS

THE HON STEPHEN JONES MP

ASSISTANT TREASURER AND MINISTER FOR FINANCIAL SERVICES

THE HON ANDREW LEIGH MP

ASSISTANT MINISTER FOR COMPETITION, CHARITIES AND TREASURY

ASSISTANT MINISTER FOR EMPLOYMENT 

MEDIA RELEASE

New government action to help tradies get paid on time and in full

Friday 14 March 2025

The Albanese Labor Government is taking further action to help ensure tradies and subcontractors in the construction industry are paid on time and in full. 

Our immediate actions are: 

• Leveraging 20-day maximum payment times through the Commonwealth Supplier Code of Conduct and promoting similar expectations of Government Businesses like the NBN, Western Sydney Airport and Inland Rail. 
• Extending unfair trading practice protections to small businesses. 
• Boosting funding for ASIC to identify and take enforcement against more dodgy directors for illegal phoenixing conduct, focusing on the sectors that are more at risk of such conduct like construction.  

We are also releasing the Government’s response to the Review of Security of Payment Laws. 

The Review of Security of Payment Laws (the Review), undertaken by Mr John Murray AM, recommended ways to improve consistency across the different state and territory laws on security of payment to foster a fairer and more resilient construction sector. 

Since the release of the Review many states and territories have amended security of payment laws, but the former federal government failed to respond. 

Today our Government is reaffirming its commitment to fairness and bolstering support for small businesses that are contractors, subcontractors and suppliers in the construction sector. 

We are taking action to support the objectives of the Murray Review, including: 

• progressing our tripartite work with businesses and unions on a Building and Construction Industry Blueprint to develop effective arrangements to protect the security of payments for contractors down the supply chain; 
• leveraging the Commonwealth Supplier Code of Conduct which requires suppliers contracted to non-corporate Commonwealth Entities to reflect the Commonwealth’s maximum payment times in their contracts with subcontractors, and by promoting similar expectations of Government Businesses; 
• using wider policy levers to assist small businesses facing an imbalance of bargaining power, such as, providing guidance to help identify unfair contract terms in standard contracts, and extending unfair trading practices protections to small businesses; 
• taking action to support the adoption of eInvoicing; and 
• boosting funding for ASIC to improve its ability to identify and take enforcement action against those involved in illegal phoenixing conduct, focusing on the sectors that are more susceptible and impacted by such conduct, particularly construction.  

This builds on the Albanese Labor Government’s significant achievements to date through the Building Ministers’ Meeting, the National Construction Industry Forum, the overhaul of the Payment Times Reporting Scheme and the introduction of new laws for disputes about unfair contracts for independent contractors. 

SENATOR THE HON KATY GALLAGHER

MINISTER FOR FINANCE
MINISTER FOR WOMEN
SENATOR FOR THE ACT

The Hon Andrew Leigh MP

ASSISTANT MINISTER FOR COMPETITION, CHARITIES AND TREASURY 
ASSISTANT MINISTER FOR EMPLOYMENT

ALICIA PAYNE MP

MEMBER FOR CANBERRA

DAVID SMITH MP

MEMBER FOR BEAN

MEDIA RELEASE

Thursday, 13 March 2025

More Crisis Accommodation For Canberra

The Albanese Labor Government will deliver more housing for women and children experiencing family and domestic violence in Canberra, as part of our commitment to ending gender-based violence in one generation.

Local not-for-profit Marymead CatholicCare Canberra & Goulburn will receive $3.5 million in funding to deliver up to seven dwellings under the Crisis and Transitional Accommodation Program, which will offer housing options to those in the Canberra community experiencing family and domestic violence.

The announcement exceeds Labor’s 2022 pledge to deliver an additional $1 million in funding to extra crisis accommodation in the ACT.

The project will be among 42 funded under the Program nationally, which is investing $100 million to support the building, remodelling or purchase of crisis or transitional accommodation for women and children experiencing family and domestic violence, and older women at risk of homelessness.

The Program is part of the Australian Government’s investment of more than $4 billion in women’s safety to support the National Plan to End Violence against Women and Children 2022-2032.

The project is expected to welcome women and children later in 2025 and will be used as crisis and transitional accommodation for the next 20 years.

Quotes attributable to Minister for Women, Senator the Hon Katy Gallagher

“This funding delivers on a commitment we made at the last election to help keep women and children in Canberra safe.

“Our Government has committed more than $4 billion to ending violence against women, including towards this important investment in housing for women and children affected by domestic and family violence.

“We know this is a priority and the Albanese Government is investing nearly 20 times more funding in crisis and transitional accommodation and programs than the previous Coalition government did in a decade.”

Quotes attributable to the Hon Andrew Leigh MP, Assistant Minister for Competition, Charities and Treasury

“A safe place to sleep should never be a privilege. This investment isn’t just about bricks and mortar - it’s about dignity, security, and the chance to rebuild.

By expanding crisis accommodation, we’re ensuring that more women and children can escape violence without facing the added trauma of homelessness."

THE HON JULIE COLLINS MP

MINISTER FOR AGRICULTURE, FISHERIES AND FORESTRY

MINISTER FOR SMALL BUSINESS

THE HON STEPHEN JONES MP

ASSISTANT TREASURER

MINISTER FOR FINANCIAL SERVICES

THE HON DR ANDREW LEIGH MP

ASSISTANT MINISTER FOR COMPETITION, CHARITIES AND TREASURY

ASSISTANT MINISTER FOR EMPLOYMENT

MEDIA RELEASE 

Friday 14 March 2025

Albanese Labor Government to extend unfair trading practice protections to small businesses 

The Albanese Government will extend a crackdown on Unfair Trading Practices to small businesses after last year’s commitment to protect consumers.   

We heard during consultation on protecting consumers from Unfair Trading Practices that it is important to also extend protections to small businesses, who face power imbalances when dealing with larger businesses. 

This is why the Albanese Labor Government will also address this significant gap in legal protections for small businesses, where thousands of businesses – including in the construction, agriculture and retail sectors – have experienced unfair practices that cause substantial harm. 

The Albanese Labor Government will ensure that small businesses are fairly protected when dealing with large businesses. 

This builds on action we have already taken to level the playing field for Australia’s record 2.6 million small businesses including: 

• extending unfair contract term protections to more businesses and introducing penalties for firms that breach them;  
• improving the Franchising Code of Conduct; and
• delivering new action to improve small business payment times. 

Treasury will consult this year on the design of protections for businesses, including on whether a principles-based prohibition should apply and whether specific unfair trading practices should be targeted to protect small businesses.  

This will complement a statutory review of the amendments to strengthen unfair contract term protections that the Albanese Labor Government legislated in 2022. 

The consultation will consider how Unfair Trading Practice protections can be used to address practices that harm small businesses.  

Noticing the dog that didn't bark

Published in The Canberra Times

12 March 2025  

The Reserve Bank’s decision to cut rates marks a historic moment. Never before have we managed to reduce inflation without a sustained experience of joblessness. In the past, curtailing inflation meant thousands of people thrown out of work – suffering the loss of income and dignity that comes with being unable to find a job. Now, for the very first time, we’ve managed to get price growth down without the human toll of mass unemployment.

To see how remarkable this experience has been, it’s worth going back through how past episodes of inflation have been handled.

In 1973, an oil embargo in response to the Yom Kippur War caused world oil prices to more than double. The global oil price shock pushed annual inflation in Australia to a peak of 18 percent. Unemployment went up from 4 percent to 6 percent, leaving many Australians claiming unemployment benefits for the first time. The combination of double-digit inflation and higher unemployment led to the term ‘stagflation’. Australia entered recession.

Inflation was briefly brought back down in 1977 before a second oil shock hit. The 1979 Iranian revolution caused a drop in global oil production. Again, oil prices doubled. Again, Australian inflation took off, with annual inflation exceeding 10 percent. Again, unemployment rose – this time from 6 percent to 10 percent. In the early-1980s, Australia – like many other countries around the world – went into recession.

Inflation was brought under control, but only briefly. By the mid-1980s, inflation began to increase again, averaging around 8 percent for the second half of the decade. Unemployment, which had fallen to 6 percent by the late-1980s, spiked upwards. The early-1990s recession, caused largely by Australia’s efforts to curb demand and reduce inflation, saw unemployment peak at 11 percent. Factory workers in their fifties were laid off. Some would never work again. Among young people, one in five were unable to find work.

Fast forward to the post-pandemic inflation spike, which has hit countries around the world. In 2023, the UK economy entered recession. In 2024, New Zealand entered recession, and finished the year with unemployment having risen to 5 percent. Canada has also seen a significant rise in joblessness, with the unemployment rate rising through 2024, and now standing at nearly 7 percent.