The Australian economy is now so weak due to the Reserve Bank’s 13 interest rate hikes that were it not for commonwealth and state government spending and investment, we would now be in a recession and close to 100,000 more people would be out of work.
The trouble with GDP figures is actually trying to explain why they matter. Yes, they measure the size of the economy and we can then calculate how much it has grown, and if we want to be clever, how much it has grown when we exclude population growth. But so what?
