I've seen some bad reports in my time, let there be no doubt. Minerals Council reports demonstrating that the world will end when a mining tax starts. "Independent modelling" showing with mathematical precision how a carbon price will obliterate entire industries. Copyright industry reports calculating that filesharing causes more economic damage than the entire gross world product.

The Business Council's Pipelines or Pipedream (see what they did there?) report released yesterday isn't the dumbest you'll ever see. Nor the most biased. But it's easily the most transparent. It is, as John Cleese might say, "wafer thin".