Goodbye Chinese consumer, hello soldier

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The problem with scam GDP growth models is that they always squeeze out through the cracks.

Australia’s immigration-led growth model is a great example. Despite glowing headline results, per capita output is a disaster and, over time, households cotton on that their living standards are falling.

This manifests in the kind of political chaos we have seen for the last dozen years.

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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.