{"id":83652,"date":"2025-08-21T00:16:10","date_gmt":"2025-08-21T00:16:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/83652\/"},"modified":"2025-08-21T00:16:10","modified_gmt":"2025-08-21T00:16:10","slug":"matt-canavan-delivers-stark-warning-about-australias-poor-growth-large-debt-after-sky-news-real-economic-round-table","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/83652\/","title":{"rendered":"Matt Canavan delivers stark warning about Australia’s poor growth, large debt after Sky News Real Economic Round Table"},"content":{"rendered":"

Australians are in for a \u201cmajor economic shock\u201d if action is not taken to bolster growth and productivity while slashing government spending, Nationals Senator Matt Canavan has warned.<\/p>\n

Mr Canavan and Sky News convened leading experts for the \u201cReal Economic Round Table\u201d in response to the\u00a0Albanese government\u2019s closed-door economic reform roundtable<\/a>.<\/p>\n

While Labor\u2019s roundtable ruled many topics off the table, the Sky News forum left nothing out of bounds.<\/p>\n

Following the roundtable, Mr Canavan said changes to boost Australia\u2019s flailing productivity and efforts to reel in government debt and spending, which is $300b more annually than pre-pandemic, were both crucial to the health of the nation’s economy.<\/p>\n

\u201cIf we continue to have this stagnant productivity performance – in the last few years it\u2019s fallen off a cliff – (and) if that continues, we’re going to suffer a major economic shock of some kind,\u201d he said on Business Now.<\/p>\n

\u201cWe’re going to have a reckoning. There will be an economic reckoning of all the debt that’s been built up over the last 20 years – both public and private – that can no longer be serviced if we don’t have a strong growing economy.\u201d<\/p>\n

He highlighted Australia\u2019s strong growth throughout much of the time since the start of the century which has allowed the nation to borrow.<\/p>\n

\u201cBut not right now,\u201d Mr Canavan said.<\/p>\n

\u201c(Over the) last few years we haven’t had that high growth so if that continues there’s only so long it can continue before it ends.\u201d<\/p>\n

Mr Canavan warned the writing may already be on the wall for Australia\u2019s economic downturn, as he pointed to major Australian companies that have recently announced job cuts or major layoffs.<\/p>\n

\u201cI do think our economy is hurtling down the pathway where it could look fine for a while and then suddenly it’s off a cliff,\u201d he said.<\/p>\n

\u201cThis week, you’ve seen 3,000 jobs lost at CSL, we see the rise of AI, we see earnings fall for BHP (and) Woodside.<\/p>\n

\u201cThere is a certain drum beat here that things aren’t going that well and we’d be much better off fixing those issues while unemployment’s still got a four in front of it and our economic growth is still positive, rather than in a year’s time.\u201d<\/p>\n

Alongside the discussion about debt and the nation\u2019s growth, the experts at the Sky News roundtable also\u00a0laid out four actions the government needs to take<\/a>\u00a0to restore productivity in the economy.<\/p>\n

These were scrapping bracket creep, cutting government spending by four per cent, curbing new NDIS entrants and ditching net-zero emissions targets.<\/p>\n","protected":false},"excerpt":{"rendered":"Australians are in for a \u201cmajor economic shock\u201d if action is not taken to bolster growth and productivity…\n","protected":false},"author":2,"featured_media":83653,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[64,63,99,16171,164,62999,40589,63000,3324,62998,62997],"class_list":{"0":"post-83652","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-au","9":"tag-australia","10":"tag-business","11":"tag-economic-roundtable","12":"tag-economy","13":"tag-matt-canavan","14":"tag-nationals","15":"tag-nationals-mp-matt-canavan","16":"tag-productivity","17":"tag-real-economic-round-table","18":"tag-sky-news-real-economic-round-table"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/83652","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=83652"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/83652\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/83653"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=83652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=83652"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=83652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}