Depressionberg has no idea what he is doing

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First from Ian Verrender:

Forecasting is never easy. You only need to look at the rosy forecasts dished up by Treasury over the past decade. The Reserve Bank hasn’t been any better.

They’ve pretty much all been wrong. Wages growth has been set for an Apollo mission-style take-off every year in recent memory. Inflation, household income and, until recently, GDP were all on the cusp of returning to normal. Until they didn’t, and the prediction was repurposed for the following period.

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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.