Economy

Mar 3, 2010

Yes, we ARE out of the woods … now let’s focus on the Budget

Today's GDP growth figure shows an economy moving from stimulus-supported growth to private-led growth, which frees up the Government to get back to managing a growing economy.

Bernard Keane — Politics editor

Bernard Keane

Politics editor

Today’s national accounts answer a key question for the Government in the lead-up to the May Budget: are we, to use the Prime Minister’s unavoidable phrase, out of the woods?  The answer is yes.

Lindsay Tanner and Wayne Swan can now frame the Budget confident that the economy is making the necessary transition from public-supported demand to private demand as the stimulus packages wear off.

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2 comments

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2 thoughts on “Yes, we ARE out of the woods … now let’s focus on the Budget

  1. baal

    Which woods are we out of? There are people who would like to explain away the GFC as a north Atlantic hiccough and that somehow we are immune, but there are plenty of signs in China (when their property bubble bursts something extremely unpleasant will collide with the cooling system) to suggest we aint seen nothing yet and that Mr Stevens and his cabal may well have got it badly wrong. See NYT analysis by Landon Thomas for the worst about UK debt http://www.nytimes.com/2010/03/03/business/global/03pound.html?nl=todaysheadlines&emc=a6

  2. j-boy57

    Glen Stevens and his acolytes seem to be cheerleading the property bubble with their predictions
    of a twenty year boom whilst hubristically congratulating themselves on their management of the pit.
    These are the same public servants who completely missed a world recession that seems to be fast tracking
    into depression territory. The new paradigm seems to be when the USA gets influenza we get the sniffles.
    Our largest customers main client seems to be on the ropes and yet the RBA doesn’t seem to be able to connect the dots.
    Mr Stevens commented a month or so ago that he could see the taillights of the GFC , this utterance would have had
    some credibility if he’d spotted the headlights and not been a hit and run victim.

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