No surprise, but shocking: there’s no other way to spin Australia’s GDP | Greg Jericho

If you take away government spending, the economy would have shrunk in the June quarter. So much for ‘remarkable resilience’

Today the government has been madly attempting to spin the GDP figures as good. So let’s cut straight to the point – the figures are terrible and are among the worst we have seen this century. But what makes it worse is this government would have us believe they saw them coming.

How bad are things? Today’s figures show the worst annual economic growth for 18 years. GDP per capita is now lower than it was a year ago, productivity is plunging and the economy is pretty much staying above water purely because of government spending and a drop in imports due to weak investment and household spending.

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