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The Forum > Article Comments > Australian per capita recession and other children’s stories > Comments

Australian per capita recession and other children’s stories : Comments

By Michael Knox, published 25/3/2019

The Australian per capita GDP recession in 2018 is a figment of how the GDP deflator distorts the effect of export prices on the real Australian economy (plus random variation in the seasonally adjusted series).

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The only economic airy tale or distortion of economic facts evidenced here? Self evidently are those of the Spin Doctor author?

Without question and on any or all economic measure we are in a per capita, economic recession with only immigration economic boost making the massaged figures, look presentable?

One senses an election must be due very soon? Hence this government supporting verbiage/garbage?

A better tactic is to highlight the utter lack of political conviction in the (left, left, right right, no back again, sorry) opponent who has two bob each way, or more positions on virtually everything? From border security or to whether or not we allow the Galilee Basin to be mined?

The only thing with more hunt with the hound and run with the hare, position politics? Is the political equivalent of the Kuma Satra?
Alan B.
Posted by Alan B., Monday, 25 March 2019 10:45:48 AM
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Yep every migrant needs somewhere to live. Building a house to accommodate them adds to gross GDP.

Of course every citizen is a little bit poorer, because we have to pay for that dam house.
Posted by Hasbeen, Monday, 25 March 2019 5:47:58 PM
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Regardless of the deflator it is good that we are talking about per capita GDP rather than just total GDP, because the implication has always been that as GDP went up we were all better off. That was a lie that Rudd and many others often told.

The next step will be wages. The average worker has been made worse off with high immigration and until we get that story straight we will probably continue to have these bad policies.

https://www.smh.com.au/politics/federal/seven-charts-revealing-the-truth-about-wages-and-the-australian-economy-20180328-p4z6na.html
Posted by ericc, Tuesday, 26 March 2019 11:08:22 AM
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Alan: "Without question and on any or all economic measure we are in a per capita, economic recession with only immigration economic boost making the massaged figures, look presentable"

Yep, it's a giant fraud. The current immigration-fuelled Population Ponzi scheme may pump up headline GDP growth but it does not result in higher per capita incomes.

Journalist Mike Seccombe has labelled it the "just add people" model:

"By tacit agreement, both major political parties, as well as the econocrats who advise them, persist with the “just add people” strategy. It’s convenient because it allows them to maintain the fiction that Australia is some kind of miracle economy that due to their superior economic management hasn’t had a recession for more than a quarter of a century."

Source: https://www.thesaturdaypaper.com.au/news/economy/2018/05/05/inside-the-just-add-people-dogma/15254424006178

Economist Leith van Onselen points out how dumb and self-defeating the current strategy is:

"Instead of focusing on productivity-driven growth aimed at exporting to the world’s 7.4 billion people, Australia’s economic model revolves around importing hundreds of thousands of consumers each year. It’s the epitome of ‘dumb growth’, requiring ever more more houses, more imports, more debt, more infrastructure, and more asset sales.

Real wealth does not come from diluting the nation’s finite resources among millions more people. Nor does it come from importing loads of people so that you can sell them apartments and imported goods with borrowed money (mostly from offshore), creating an infrastructure deficit that needs fixing, and blowing-out the current account deficit."

Source: https://www.macrobusiness.com.au/2018/10/bca-warns-australias-ponzi-driven-economy/

Sadly, both the Coalition and Labor have fully embraced the Population Ponzi scam.
Posted by Bozec, Tuesday, 2 April 2019 8:12:00 PM
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