Read:
A few thoughts.
- This could be the ONLY financial year where employment growth was greater than GDP growth. It is almost always the other way round. Periodicity anyone. This surely cannot simply be put down to tepid wages growth.
- The private sector is going backwards. Only Net Exports and the public sector is growing.
- This is the slowest growth since the GFC but of course back than we had the GFC to contend with.( It does show how good the ALP were at handling it).
- Although Nominal GDP is now slightly above its average very little is going to wages. Have a look at the Wages shares of GDP.
- The government is putting a lot of stock in the tax offsets will lead to greater spending. If our family is any guide it will lead to lower debt.I also sceptical of interest rates doing a lot at its present low levels.
- both the government and the Opposition have a surplus phobia. More infrastructure projects on the list supplied by Infrastructure Australia (which both parties have patently ignored) is greatly needed.
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