Australiantina here at last

Wednesday 3 June 2026

Check out these two charts from yesterday’s National Accounts. They tell you a lot about the economy.

First, note the left side, which clearly indicates that Labor’s relentless splurge on public servants has annihilated productivity.

I put it to you that this is a function of an immigration-led economy under different political management.

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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.