Australia’s Econ­omy is a House of Cards

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By Matt Bar­rie & Craig Tin­dale.

I recently watched the fed­eral trea­surer, Scott Mor­ri­son, proudly pro­claim that Aus­tralia was in “sur­pris­ingly good shape”. Indeed, Aus­tralia has just snatched the world record from the Nether­lands, achiev­ing its 104th quar­ter of growth with­out a reces­sion, mak­ing this achieve­ment the longest streak for any OECD coun­try since 1970.

Aus­tralian GDP growth has been trend­ing down for over forty years
Source: 
Trad­ing Eco­nom­ics, ABS

I was pretty shocked at the com­pla­cency, because after twenty six years of eco­nomic expan­sion, the coun­try has very lit­tle to show for it.

$1700 raised for Stan­dish-Min­sky so far

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Thanks to all those who have chipped in to help keep Rus­sell Stan­dish avail­able for cod­ing Min­sky. The prover­bial per­son with deep pock­ets hasn’t yet mate­ri­al­ized, but about 25 peo­ple with shal­lower ones but gen­er­ous souls have chipped in a total of just under $2000.

Keep Rus­sell Stan­dish on the Min­sky Project



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Deflated changes in Wages and Debt: 7.30 Report Data

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Tables like the ones below take my breath away when I see them for the first time–because the story they tell is worse than any I would have dared make up. As I noted in the inter­view with Kerry O’Brien on the 7.30 Report, real wages have increased since 1990, and since Australia’s last elec­tion in late 2004. How­ever, mort­gage debt has increased by far more.