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Finance Minister, Mathias Cormann, went to extraordinary lengths yesterday to spin the Mid-Year Economic and Fiscal Outlook (MYEFO), claiming repeatedly that household disposable incomes were rising at their fastest pace in a decade:
Household disposable income has risen at its fastest rate in more than a decade and Australia has maintained its AAA credit rating…
With the recent national accounts showing household disposable income had its fastest rate of growth in a decade off the back of the Government’s tax cuts…
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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.