From The Pascometer today:
Funny thing is, not only are we exceeding the new lower gross domestic product (GDP) “trend” hurdle of 2.75 per cent, we’re back around the old average of 3.2 per cent.
That tends to get lost in the usual wailing and gnashing of teeth about what a precarious state our economy is in…our status as the world champions of developed nations’ growth by both height and length – it’s 100 quarters since our last recession. Raise your bat, Australia – we’re the second nation to ever score such a century and we’re on track to overtake the current record holders, the Netherlands, which once managed 26 years of unbroken growth.
“But, but, but” interject the wailers and gnashers,”the composition of our GDP growth isn’t as nice as we’d like it to be and our national income is falling and mining investment is still plunging and non-mining investment hasn’t taken off and real wages are flat and retail sales are soft and our federal government isn’t helping and, and, and, well – it doesn’t feel like we’re world champions of anything except for our magnificent women’s Rugby 7s. And maybe Aussie Rules.”
Based on the Pascoe worldview we should be grateful for his dreadful output as well lest we get something worse. Here’s the issue, the three best measures of standards of living available are all falling (though have improved a bit lately):
Without putting too fine a point on it, Pascometer, we can do better. For some more perspective on how much better, here’s my updated chart on the Great Income Depression:
I mean, seriously, Pascometer, why not spend some time understanding the issues so that you might help lift the lot of your fellow Australians instead of kicking them while they’re down.
