If only we had of voted Morrison in we’d have never known
“The economy was weaker in the March quarter than was forecast at election time.
“Growth at 0.8 per cent was…much weaker than what was expected for the corresponding period in the pre-election fiscal outlook”.
He added: “Consumption, dwelling investment, new business investment export and the nominal GDP were all weaker in the March quarter than was anticipated by our predecessors in the Budget and by the departments at PFO.”
“Although the national accounts are notoriously backward looking, if you think about what has happened in the economy since the end of March: inflation is higher, we have had an interest rate hike, petrol prices are up 12 per cent since the end of April, wholesale electricity prices are up 237 per cent since the end of March, and gas more than 300 per cent higher than the average of the last few years.”
Robust in parts, resilient in parts, but with rising inflation, chickens coming home to roost, and a perfect storm of energy rate spikes.
Who is it that can’t manage money?