Treasurer Josh Frydenberg (Image: AAP/James Ross)

A year ago this week the Australian Bureau of Statistics reported that GDP had grown by 3.4% in the 2017-18 financial year. With inflation hitting 2.1%, there were calls for an interest rate rise in The Australian Financial Review, The Australian and the various newsletters and notes from business economists and analysts.

Josh Frydenberg had just taken over the role of treasurer from Scott Morrison (who had knifed prime minister Malcolm Turnbull the previous month). The jobs boom, which had started in 2016, wasn’t slowing and the economy was surging.