David Llewellyn-Smith does ABC GDP smackdown

From The Business last night:

One small correction. I said 1.5% immigration growth, meant population growth of which more than half is immigration.


David Llewellyn-Smith
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  1. Tassie TomMEMBER

    I saw that. Well done!

    The narrator even mentioned the “Houses and Holes economy” without referring to yourself.

    The bloke that was talking about the Australian economy being a twin engine aircraft did a pretty good job at getting his point across too (which, of course, is the exact point of your pseudonym).

    Well done – keep up the good work.

    • Yeah, except Andrew Charlton failed to mention the population ponzi and could not piece together why the economy has grown so strongly at an aggregate level, but wages growth has been so poor (Hint: population ponzi).

      • The Patrician

        +1 Its like saying the growth is being driven by lots of new shops
        Mistaking the symptom for the cause
        The root cause is population growth
        Over 1 million extra residents in the last 3yrs
        That is the big dumb plan that dare not speak its name

      • Have you entertained the possibility of a subscription-lite or patreon donations? $200 a little too much for me and I wouldn’t get anything extra out of the locked down articles to justify it. However, if you guys were struggling financially I would consider a donation to help you keep up the good work, and without expecting anything in return.

  2. I saw a bloke talking about the twin-engine aircraft economy and thought “Hmmmm….that’s a familiar theme” and then lo-and behold, Da Man himself appears. We are not worthy! 🙂

    But seriously mate, Goodonyer, and more power to your arm. Seems like the word is starting to get through to the MSM. I’ll be renewing my subscription in a couple of weeks time as my small part in keeping your lights on.

  3. What a bunch of nerds. Real Aussies have 2 million dollar McMansions and are not only more sexy but more Aussie.

  4. BrentonMEMBER

    Nicely done mate!

    Also, some re-tweet love from Elysse Morgan.

    A nice bunch of up and coming business journalists over at the ABC now: Janda, Morgan, Barry.

  5. Also heard this on ABC 774 radio last night – sounded good.

    The twin engine aircraft analogy is probably easier for the average punter to grasp than Houses and Holes.

    • The average voter has no concept of inflation.

      They only measure house prices in AUD – never USD and never gold!

      They think their house price has gone up in AUD but it actually crashed in USD!

      You could halve the value of the AUD, keep the minimum wage at £11/hour, and pop the real estate bubble at the same time and the average voter will think that house prices have not gone down!

      • You forgot if Aussie dollar drops, the ROI on the asset (I.e. Rent in this case) also drops. So in effect it is still a bubble (or a turd investment if you prefer).

      • Just look at GDP and GDP per capita in usd euro etc to find whats really going.

        Devalue every cent every saver has to feed parasites, that’s ok my 1% usd IR does me fine :p

  6. Mining BoganMEMBER

    Are you gunna sell out once offered a place in celebrity get me out of here? It’s how they get you.

  7. Well done. I think MSM has finally realised that if they keep denying or ignoring reality, they get dismissed/ignored as fake news.

  8. For the information of the bloke introducing the issue – Keating didn’t crush inflation. China did!

    Two engine plane? Resources? Mr Charlton means the flood of foreign money buying up our mines and in-ground resources financing our consumption? (I realise you have to adopt the KISS principle on MSM)

    • democratisation of information via the advances delivered by the internet had nothing to do with creation of deflationary forces??? Connectivity of the world and reduction of all barriers to entry globally had nothing to do with reducing inflation???
      Edit: partly agree with China attribution but no way near 100% of the effect can be dumped at their front door. This has been going since the late 90’s

      • The commenter said Keating killed inflation. He didn’t. What killed inflation at the time of Keating was China. The internet came later.

  9. Keating’s policy reforms just allowed the geometric growth of debt and asset sales to foreigners to rocket the economy into a debt based foreign owned sloth.

  10. 10 points anyway to the programne for trying to activate some brain cells in the general population!!!!!

    • The general population don’t watch the ABC. House Rules was on at the same time …

  11. haroldusMEMBER

    I’ll watch it tonight, but from all accounts there wasn’t enough swearing.

  12. SmartDipStick

    David, you presented vey well.

    Actually, there is a gripping maturity and sincerity, and you reveal an image and facial style that captures the viewer – this is all so naturally appealing. Given this, I believe you should approach ABC Business News to be a more regular presenter.

  13. Suggests growth is linked directly to ‘immigration’ and that growth is bad based on headline numbers and/or per capita because?

    Possibly confusing as incomes of baby boomers and retirees decline after retirement for obvious reasons, of ‘immigrants’ students have employment restrictions, 2nd year backpackers less so but only one year and new permanent immigrants are often with family unit of school age.

    Don’t get this -ve linkage between GDP and immigration, though popular meme and demand for low growth economies, is then contradicted by proponents horrified with suggestion that they give up any ‘growth’ in material possessions, carbon footprint and salary rises?

    Think example of US style materialism, self interest and bagging ‘immigrants’ through media memes based upon headline data?