The ALP National Conference starting in Adelaide tomorrow shows little sign of addressing the looming economic collapse.

Economic Warning Signs

The warning signs of a major financial crisis are already here:

• Bursting property bubble
• Skyrocketing living costs
• Plunging government popularity

Historical Precedents

Australian political history shows that economic downturns consistently destroy governments.

• 1975: Voters rejected the Whitlam government due to the brutal 1974 recession, which was triggered by a global property crash.
• 1991: Paul Keating successfully ousted Bob Hawke as Prime Minister during a severe real estate collapse.
• 2007: John Howard lost office as rising cost-of-living pressures peaked just before the property-led Global Financial Crisis.

The Current Reality

Given this history, it is remarkably strange that countering next year’s financial collapse is not the top priority for the ALP’s 50th national conference.

We ignore history at our peril.