The media’s way too excited about the ‘meow’ incident to tell us, so Grog’s Gamut gave a brief “this is me not really blogging” summary of the day’s proceedings.
Obviously, Barnaby Joyce put in his regular carrying on like a pork chop time in the Senate Estimates Committee. He must have the hide of a dozen rhinoceroses. Senator Matthias Corman also got schooled by Treasury.
Then the GDP figures came out. Grog says: sure, they aren’t great, but did you notice that despite this the Terms of Trade figures are looking really good? The market noticed, which is why they didn’t panic about the GDP. Did you see that reported anywhere?
Nope, we didn’t – but that’s why there won’t be a recession right now, despite the Murdocracy’s scaremongering about how we can’t afford to do anything constructive about infrastructure or climate change because we just can’t damn well afford it. The RBA can see that we’re actually doing quite well, natural disasters considered, and can be quietly confident.
For good measure, Grog notes that despite over 3 years without WorkChoices, there still has not been the much-vaunted scary-scary union-led wages breakout. Quite the reverse, actually. Fancy that.
All the graphs are over at Grog’s Place.