Australia’s economy hits an all-time low

 

Is it any wonder the LNP  do what ever Newscorp asks they just might print the facts (ODT)

Annual growth in gross domestic product (GDP) in the December quarter was a dismal 2.34%. The quarterly rise was just 0.18%. The latter ranks an appalling 32nd out of the 36 OECD members. It ranks 77th out of the 92 countries worldwide which record growth quarterly. Lowest ranking ever, by far.

With an election looming these numbers should remove any lingering doubt regarding the Coalition’s incompetence in economic management.

Treasurer Josh Frydenberg hailed this week’s growth data with the mix of half-truths and blatant falsehoods we now expect from this Government:

‘With the unemployment rate at its lowest level in seven years … our economic foundations are in good shape’

Again, quite false. Australia’s jobless rate is at 5.02% is the same as it was back in 2011, when the whole world was in the worst global financial crisis in eighty years. Australia’s jobless rate then ranked sixth in the OECD. Now, after five years of strong global recovery, Australia ranks 17th.

via Australia’s economy hits an all-time low

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.