This ain’t “rebalancing”, Scott. It’s just a “bubble”
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Following yesterday’s national accounts release for the December quarter, Treasurer Scott Morrison published a victorious media release hailing the economy’s transition to non-mining led growth:
Today’s December Quarter National Accounts show once again that Australia continues to successfully manage our transition from the largest resources investment boom in our history to broader-based growth and in turn secure our economic future.
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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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