The disbanding of BREE and folding of it into the Office of the Chief Economist has done nothing to repair the fundamental flaws in its analytical framework. In today’s quarterly update on the outlook for commodity prices the great bureaucratic dream weaver spins another wondrous future for Australia filled with unicorns and rainbows. It begins with iron ore:
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.