Today, Australia’s great mind, Paul Kelly finally catches on:
The Australian economy is not in crisis but is facing a combination of poor investment, weak consumption and stagnant wages growth. The malaise is cyclic and structural — but more structural.
…The government has a policy framework for an economy that no longer exists and a political strategy based on reassurance when people are no longer reassured. Given the six-year story of this government has been the return to surplus — the lesson being the immense pain involved — the government is loath to take the advice of many economists and ditch the surplus when the future economic direction remains uncertain and in contention.
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