Much ado about an OECD nothing

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The OECD released its November economic outlook last night. It included a full two page summary of the Australian economy, enough to trigger a frenzy of hand-waving and hand-wringing across the media.

The OECD said with admirable brevity that:

  • mining will be OK next year
  • the dollar will stay high
  • we need tax reform to encourage innovation and to grow beyond the mining boom
  • we will grow at 3.25% next year
  • we should ease fiscal tightening if growth falls
  • interest rates will fall further
  • if China crashes so will we

All a little too optimistic but sensible enough. The two pages are available here if you wish to waste more time.

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About the author
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.