The pile of economic data we’ve had over the last fortnight, and some observations from Treasurer Joe Hockey about it, gives us an opportunity to assess how the government’s economic strategy is comparing to reality.

"Government spending needs to be directed to the highest-priority areas, particularly to high-quality infrastructure that will support private sector growth," Hockey said in response to this week's GDP figures. "Along with a focus on practical reforms to boost participation and productivity, these measures will build a basis for sustainable growth into the future."