Updated November 23, 2019 07:00:07 The former Victorian treasurer has been accused of being “in denial” about the financial impact of the financial crisis and the impact it has had on the State.
Key points:Harry Norman has spoken out about the impact of Australia’s financial crisis on the lives of many peopleKey points Harry Normans response to the financial shock has been criticised by the Australian Capital Territory GovernmentHarry Normans latest book ‘The Dark Side’ was released on Tuesday In his new book, ‘The Shadow of the Financial Crisis’, Harry Normandans words are often quoted in the wake of the global financial crisis, with many saying the former Treasurer was in denial.
“I think the majority of people, at least the majority, would be very happy to see me brought back to New Zealand and put in charge of their economy,” Mr Norman told the ABC’s AM program.
“They would love to see it, and they’d love to know I’m not a financial genius.”
“I’ve got a lot of stories that have been told about how people who were very rich were in denial about the extent of the economic damage that it was having on them, and it was devastating.”
Mr Norman said the economic downturn affected a range of people.
“It affected a whole range of Australians,” he said.
“In fact, the people that are the most affected by it are the ones who didn’t make the transition to a higher income, because they didn’t have the capital and they couldn’t get their mortgage down.”
He said that the negative impact was felt particularly by Indigenous Australians, with the number of Indigenous people in New Zealand declining by more than 30 per cent in the past three years.
“The negative impacts on the people of Indigenous peoples are significant,” he wrote.
“Their incomes have fallen by $1.5 billion since 2000, their wages by $3.4 billion since 2001, and the unemployment rate has risen from 10.3 per cent to 12.2 per cent.”‘
He doesn’t know what he’s talking about’Former Treasurer Harry Normann says he doesn’t understand how people can be so “irrational” about financial painFormer Treasurer Peter Costello has defended his “absurd” comments that “everyone” in Australia would want him back in power, but Mr Normann said he was “completely wrong”.
“People who are in denial do not know what they’re talking about,” Mr Normanan told ABC radio on Wednesday.
“People are in disbelief because they don’t have a clue what they are talking about.”
And that’s where I’m completely wrong.
It’s a massive economic shock that has affected a lot more people than the average person who is just doing what they’ve been doing all their lives.
“Mr Normanan said that many people who have been affected by the financial shocks were “disappointed and angry”.”
They’re upset because they’ve lost their jobs, they’ve had to move away, they’re being displaced,” he told AM.”
But I think there are a lot who are genuinely upset that they’ve just lost their livelihoods, and their housing.
“That’s why they’re angry, and that’s why I’m angry.”
Mr Costello said he didn’t understand the “absolute nonsense” of people’s feelings.
“Well, if people are in despair, then they should be angry.
You know, it’s quite hard to be angry when you’re not actually in despair,” he was quoted as saying.”
You just know you’re going to be disappointed, and when you’ve had that disappointment you just sort of shrug it off and go on with your life.”
Mr Gore said that Mr Normans comments about the need for “a return to the old ways” were “ridiculous”.
“I would be amazed if people had forgotten how much damage it has done to the community,” he added.
We’ve made enormous sacrifices to the people, and we need to have a look at it.”