Comments on: Australia dodges recession bullet http://www.crikey.com.au/2009/09/02/topsy-turvy-economy-dodges-the-bullet/ now with extra source Sat, 11 Feb 2012 22:41:28 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: simmobc http://www.crikey.com.au/2009/09/02/topsy-turvy-economy-dodges-the-bullet/#comment-36414 simmobc Wed, 02 Sep 2009 13:45:26 +0000 http://www.crikey.com.au/2009/09/02/topsy-turvy-economy-dodges-the-bullet/#comment-36414 great result however lets not forget that the long term trend line for GDP growth is above 2% so jobs will continue to be lost albeit probably not to the extent that was originally anticipated. I still think that our current government went 'too' hard on the GFC rhetoric and pushed confidence levels down further than where they needed to be given we were already well placed to take on the effects of the GFC. Potentially, we could be tracking better than 0.6% but ahh thats politics and we will never know.... The government, suprise suprise, will say that their stimulus package saved us from recession but that did nothing more than keep Westfield shareholders happy for a month or two. Additionally, a number of the governments 'big ticket' items announced in the stimulus package are yet to commence (refer indigenous housing and new school buildings). The fact that China is our major trading partner and we are a resource backed economy, probably had more to do with us dodging the bullet. Revisiting this article in 2 years time will be more interesting! great result however lets not forget that the long term trend line for GDP growth is above 2% so jobs will continue to be lost albeit probably not to the extent that was originally anticipated.

I still think that our current government went ‘too’ hard on the GFC rhetoric and pushed confidence levels down further than where they needed to be given we were already well placed to take on the effects of the GFC. Potentially, we could be tracking better than 0.6% but ahh thats politics and we will never know….

The government, suprise suprise, will say that their stimulus package saved us from recession but that did nothing more than keep Westfield shareholders happy for a month or two. Additionally, a number of the governments ‘big ticket’ items announced in the stimulus package are yet to commence (refer indigenous housing and new school buildings).

The fact that China is our major trading partner and we are a resource backed economy, probably had more to do with us dodging the bullet. Revisiting this article in 2 years time will be more interesting!

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