Something is going on. Something is changing. There is a shift in the trajectory that capitalism in Australia is taking. At the recent National Reform Summit Martin Parkinson, a former head of Treasury remarked that ‘Unless we actually grab this challenge by the horns and really get concrete about what are the priority issues, we are actually going to find ourselves sleepwalking into a real mess’(Martin 2015). The metaphor of Australia sleepwalking towards recession is now resonating in the echo chamber of the political class and sums up their dual concerns: on the one hand a decline in the accumulation of capital; and on the other that the political apparatus and the broader society seems unable to do anything to change course, perhaps is even aware, and is moving without, or despite of, conscious control. Australia is slouching towards, or is already sunk in, political and economic malfunction.
Whilst the political class wants to address these dilemmas and act to save capitalism from itself we want to understand what is going on so we can overcome it all. Here I want to grasp the current conjuncture of capitalist society in Australia: in particular the current malaise of capital accumulation and the malfunctioning of official politics. What do these phenomena tell us about the current moment in Australian capitalism and the possibilities, overt or covert, for a radically different kind of society?
This is part one of a six party study to try to sketch an outline of the current conjuncture of capitalism in Australia. Part two will focus on debt, part three the crisis of mainstream politics, part four on the end of the ‘high credit, high work, high consumption deal’, part five on gender and social reproduction and part six on the most prominent fault lines of struggle. But here we will start by posing a hypothesis about capital accumulation in Australia and also try to take its pulse-rate.