Mar 5, 2014

GDP data: while Hockey lamented, the economy picked up

The economy picked up in the December quarter, confirming that the picture painted by Joe Hockey last year was far worse than reality, Glenn Dyer and Bernard Keane write.

The Australian economy isn’t the basket case Treasurer Joe Hockey, the rest of the government, business groups and their media mates have been claiming since the gloomy mid-year outlook was released last December, it turns out. Economic growth picked up in the December quarter, ABS national accounts showed this morning, with growth of 0.8% seasonally adjusted — stronger than it was in the three months to September (0.6%).

In his first few months as Treasurer, Hockey first warned us of the dire threat to growth from offshore — back when he announced he was lavishing $9 billion on the Reserve Bank — and then after he took the lowest possible forecasts from Treasury for the Mid-Year Economic Forecast in order to portray himself as Hercules cleaning out the Augean stables left to him by Labor.

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11 thoughts on “GDP data: while Hockey lamented, the economy picked up

  1. klewso

    “Best Actor” didn’t go to Joe Shockey for “12 Years a Slave to Political Hyperbole”?

  2. Jimmy

    The libs “the ALP left us a basket case” “and the carbon tax is killing growth” mantra’s are once again shown to be completley false however there are some worrying signs for the economy – the increasing unemployment rate, the negative capex figures, Hockey’s constant talking the economy down and worst of all the looming contractionary budget all will impact future quarters rather then the December quarter.
    Joe may yet get his wish of an economic basket case, but it won’t be the fault of the ALP.

  3. extra

    We should expect the Coalition to keep up the economic doom and gloom until the carbon tax is repealed. Then, and only then, they’ll begin acknowledging that things have picked up, and take the credit for it.

  4. Jimmy

    extra – Once the Carbon tax is repealed they will credit it for everything, after all any issue raised in parliament so far has been supposedly fixed by repealing the carbon tax.

  5. Jimmyhaz

    The fact that the Australian economy is showing any positive signs at all with the current governance is a testimony of its underlying resilience. It’s unfortunate that these signs will become rarer and rarer, and through no fault whatsoever of the private sector.

    It’s only a matter of time before it all goes down the toilet, and I don’t think that the LNP will be able to portion any of the blame other than where it lies, squarely at their feet.

  6. MJPC

    I am excitedly awaiting the repeal of the carbon tax after Uncle Joe’s and Citizen Abbott’s pronouncements it is the cause of every ill. Extreme weather events will end, everything will be cheaper (cars, aluminium, Qantas airfares, electricity, gas; especially CSG derived; indeed, the air we breath probably)and everyone in Australia will be heading to their first million (if they haven’t made it already) from all the money that will be returning to their pockets, unless you are on welfare, a public servant, fighting on the Green front or any worker on average incomes.

  7. klewso


  8. Bill Hilliger

    Sadly for Tony Dr No Abbott and Joe Foghorn Hockey, despite the big bad poisonous carbon tax the economy did ok.

  9. tonyfunnywalker

    The problem with the economy is Joe Hockey – the aspirational pessimist.

  10. AR

    As if Sloppy hadn’t been ridiculed enough the first time he spoke of the urgent need “to lift the tide (that lifts all boats..)”.
    In Thursday’s Questions he repeated the same meaningless banality.
    Then Clarke & Dawe, in their inimitable way, used Abbott’s own repetitious words, carbon tax, boats, and it was excruciating. Nothing was exaggerated.

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