Depressionberg announces his depression

Thursday, 23 July 2020

Not much to report in the Budget update. Basically, because the deficits don’t matter anyway and the economic forecasts are worthless as the second wave wreaks havoc. Noteworthy is two consecutive years of falling growth. A depression in other words:

Interestingly, Depressionberg has destroyed the ABS’s jobs numberwang:

We prefer the Roy Morgan definition which is even worse.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.