Australian economy comes in for crushed landing

Unique among developed economies post-COVID, the Australian economy is coming in for a crushed landing.

Unlike the European hard landings or soft landing like the US. Even Canada and NZ are different, with hard landings still possible there.

Australia’s crushed landing sees buoyant headline conditions. From the NAB survey yesterday:

Crushloaded everything:

But smashed wages growth and falling inflation:

Leading to destroyed households:

The not-so-secret sauce of the crushed landing is, of course, the mass immigration-led, labour market expansion growth model that so pleases fat rent-seekers and corrupt politicians but pulverises the living standards of the per capita Australian:

How long will they put up with it?

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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.