Recession? We're not even close
The Treasury and the Reserve Bank are likely to 'look through' the reported numbers to focus on what's happening beneath them.
Peter Martin is the Economics Editor for The Age.
The Treasury and the Reserve Bank are likely to 'look through' the reported numbers to focus on what's happening beneath them.
Treasurer Scott Morrison has branded the dramatic end to five continuous years of economic growth "not just a reminder, not just a wake-up call, but a demand to support economic policies that drive investment and jobs".
Financial market analysts believe the economy went backwards immediately after the July election, ending 5 years of continuous growth and calling into question the government's repeated promise to "deliver jobs and growth".
The RBA kept its cash rate on hold in the lead-up to Christmas, playing down concerns over sliding business investment and a likely collapse in economic growth to keep the rate at 1.5 per cent.
The world of wages has gotten out of whack.
A further slide in business investment has economic forecasters pondering the unthinkable: that the Australian economy shrank in the September quarter, and that next week’s GDP growth figure will have a minus sign in front of it.
Turnbull and Morrison are genuinely concerned about the inability of ordinary Australians to buy houses and are open to ideas.
The OECD believes the next move in Reserve Bank interest rates will be up, sometime before the end of 2017.
Coalition voters spent up big on cars after Tony Abbott's 2013 win.
So popular are weekend penalty rates that a startling 76 per cent Australians who don't get them want them to stay.
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