The ever excellent commentator Skeptikoi writes one of the best columns of the year on why people should be looking at the nominal accounts at present.
in nominal terms Australia has been in a recession and we are still in a sluggish state. If the Terms of Trade fall again, as Ricardian Ambivalence expects, then the nominal economy will stay in the doldrums ( and the budget in deficit).
I might add it was the major reason why the ALP lost the election in such a thumping way!
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