Selling the farm

“Great Tully sugar sell-off proves bittersweet,” says The Australian:

China Oil and Food now controls 61.25 per cent of Tully Sugar after US-based agribusiness giant Bunge yesterday agreed to sell its stake.

Elsewhere, we’re told that:

Reserve may cut growth forecasts as rates are put on hold.

The Reserve Bank has flagged that the Australian economy is rapidly losing steam as inflation moderates and cautious consumers save more, indicating interest rates could remain on hold for the next few months.

Unremarkably the author, Scott Murdoch, offers no evidence of increased saving. He doesn’t tell of slower rises in credit card usage either but that seems the more likely reality.

Instead, as has been the case for many years, Australia lives at a higher standard of living than out earnings should permit. Foreign debt, of interest (sometimes) to Her Majesty’s Loyal Opposition, today receives little or no attention. The dollar is strong and a positive trade balances ride on high commodity prices, for the time being.

Selling agricultural industries helps pay for the difference. It’s quite easily done. People of the cities largely hold rural people in contempt. That a Labor government in Canberra should deliberately instigate the cattle ruckus with Indonesia makes that contempt uncommonly vivid.

Australia’s media happily encourages her politicians to sell their souls—if they had any—or their grandmothers for electoral advantage and ever more airborne standards of living. Hence, too, the lies regarding climate change (apd). The same media and political class live by the same contempt for the ordinary citizen. Pity their conundrums for they need the public to maintain them in office. It’s one continuous tautology, for the time being. Or, if you prefer: Quis custodes custodiet?

 

 

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