Not sure if you've noticed or not Shane but we have some really intractable structural problems with our economy that are coming conflating to cause a plunge in GDP. Wages can't get off the canvas after some eight years at or below inflation; that's critical because it has ultimately resulted in consumers putting off buying big ticket things - especially cars. Given we rely so much here on consumers for our prosperity there's an effective recession in retail already going on.I thought it was "end of story", is this an appendix?
And its pretty extraordinary that the RBA cuts rates to an unprecedented post WWII level and yet apart from re-igniting property prices in Sydney and Melbourne it's done nothing to get business/individuals borrowing again. Even today ScoMo had to deny that the IMF forecasts painted a shadowy picture of our economy... I guess he can't do anything else but deny the reality.
It might surprise you that I think part of the answer might be to abolish all award wages - maybe $18 an hour is too high by international standards and in many industries like hospitality and cleaning there's no enforcement anyway so employers who follow the laws are being disadvantaged. The people on the bottom are going to take the brunt of this I know but maybe it's time we also recognised that we aren't a fair and egalitarian kind of society any more with that kind of regulation.
Don, welcome to the global economy of 2019 where inflation is non-existent, the two largest economy leaders are too busy saying who has the biggest peni$/tariffs. Even the oil rich middle east economies are facing growth of 1.7% for UAE and 0.2% for KSA. Why does anyone thing we would be different?
The IMF's view of Australia varies by how much from anywhere else?
I'm been in RP for around 17 years, reading "The Lounge" section for around 6-8 years and for most of that time you have been predicting a recession, one day you will be right I'm sure.
You may recall I'm on record many times saying Australia's penalty rates are out of touch with the real world and what the LNP Fed's are doing (after the ALP Fed's did similar in 2012) is just scratching the surface but moving in the right direction for which maybe you criticized me on this more than once. Surely being paid nearly $50 on a Sunday to pour a cup of coffee was excessive?
NOW, back to your original comment, AGAIN, No Australian and Greek economies are not comparable and it would be foolish to think otherwise, or perhaps you have been there and can explain from first hand experience?
Again I'm waiting for you to complete the comparison.