Australia's economy shrank 0.5 per cent in the September quarter, well below already pessimistic analyst forecasts and its steepest decline since the global financial crisis of late-2008. The annual rate of growth came in at an anaemic 1.8 per cent, also below expectations. Economists were generally expecting a slight fall in gross domestic product (GDP), with the typical forecast for a -0.1 per cent quarter and economic growth of 2.2 per cent over the year. A range of partial figures led analysts to their downbeat predictions, with yesterday's trade data pointing to a 0.2 percentage point subtraction from economic growth, while construction data released last week were much worse than expected and business investment was also weak. However, the final result was considerably weaker than forecast, pushing the Australian dollar down the best part of half a cent to 74.2 US cents by 11:38am (AEDT). ABC
Australian economy marks worst performance since global financial crisis "THE Australian economy is officially in the doldrums, with the latest data revealing its worst quarterly performance since the global financial crisis. Treasurer Scott Morrison seized upon the national accounts figures, released today, to demand support for the government's economic reforms, such as the long-term cuts to corporate taxes it proposed in the Federal Budget. "We want to pass that through the Parliament and we need the consensus of a parliament that is going to work in the national interest to drive jobs and growth," Mr Morrison told reporters in Canberra. "The reason you put out a 10-year trajectory on tax like the UK has or New Zealand has or indeed the United States wishes to, is to signal to investors what the future will be for their investments That is why I say to the Parliament, in the national interest, this is important for people's jobs."" more at http://www.news.com.au/finance/econ...s/news-story/64df98df3cf5f3506158a3ed04513de0 moron at :The Treasury This man seems to be deluded in his understanding of reality... and logarithmics ...
We can't expect it to get better with absolutely no economic leadership or courage from any political party and a fast growing welfare/entitlement mentality. Australia is stuffed. How did it ever get to the point where the leaders of both the Liberal and Labor parties are so degenerate and unqualified and unworthy?
http://www.aic.gov.au/crime_community/communitycrime/costs.html This is how is got to this point .... white collar crime is THE greatest cost to the community ... not car thefts that is being used as an excuse to expand police numbers ... they will likely continue to turn a blind eye to corporate crime while the community is being told they are keeping us "safe" ...
"The Lucky Country" - not anymore and hasn't been for along time in my opinion :/ We can't expect it to get better - I agree but people will because they have to because optimism is in very short supply (all good high five) and reality being the truth is a bitch,we can ride on the crest of the wave of the rest of the world going south for Christmas. Merry Christmas
The CFMEU is also dragging on the economy along with the insanity of closing down the nation's energy network and thinking that a modern industrialised country can run on windmills.
The "economy" is a fiction ... it is a distraction to protect the banking and finance sector from scrutiny .... and prosecution ... because that would be bad for "business" ... the figures are bogus because it would take competence to generate them ...
Lately most Western governments and their leaders have become degenerate, unqualified and unworthy. Proof is the intake of millions of incompatible dangerous freeloader refugees who despise Western culture and values. At least Oz is not as dumb as them abroad...yet. The Libs have far right elements in their ranks but we should elect Pauline Hanson to power to make sure it never happens.
Part of the problem is those that expect leaders tend to get losers ... we need to expect servants to do their duty ...
