It’s hard to imagine a darker week for the federal Opposition. Until the OECD weighed in.

Among its predictions for the Australian economy are both good news — an OECD best practice 0.4% contraction — and bad — 7.7% unemployment for 2010, a figure well below Government predictions.

In other highlights, private and government consumption will be up 0.2% next year. 2010 will see a 3.1% rise in exports and a 14.3% rise in imports. CPI will rise 0.4% on last year. And lets look at some international comparisions:

US: 2.8 growth in 2009, 0.9 growth in 2010

Japan: -6.8 growth in 2009, 0.7 growth in 2010

China: 7.7 growth this year, 9.3 growth next year

India: 5.9 growth this year, 7.2 growth next year

The groan you just heard was Malcolm Turnbull’s.

Peter Fray

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Peter Fray
Editor-in-chief of Crikey