Wednesday, 5 March 2014

A small thing that showed up in the National Accounts

The National Accounts were released yesterday.

One small thing that was in them was this.
  Public spending fell by 2.0% in the year.  This was the first decline in more than sixty years and detracted 0.5 percentage points from GDP growth.

 Wayne Swan's budget was actually an austerity budget. It was the most austere budget we will ever see

Gosh I didn't read that over at Catallaxy. both Sinclair Davidson and Samuel J said his budget was expansionary.

They got it wrong. Badly wrong.
Fancy that.

Added Bonus
 the Incomparable RicardianAmbivlanence on the GDP figures.