"Razor Gangs" is a term used for the commissioned act of drastically reducing spending in both government and private enterprise. The gang is actually made up of razor blades pop riveted to the board. The appearance of the members of the gang have purposely been constructed to draw a parallel with Sidney Nolan's depiction of the notorious Kelly gang.
The "bloodbath" is the blatant disregard of the individual, "The act justifies the means" for the benefit of the perpetrator. This is of course depicted by the bright red background. The red that would flow from the ink of the pen as it slashes carelessly through someone's life on a spreadsheet. The same red that would flow from the open vein of somebody slashing their wrist or from being shot by a Kelly bullet and thereby drenching the entire canvas of the act in blood red. Only the man with a gun is a criminal.