Leith van Onselen considers that Australia’s non-mining economy may be in recession based on two consecutive quarters of negative growth in state final demand:
The blanket statement that Australia grew close to trend in 2012 not only obfuscates the fact that the current growth rate is well below trend and declining even further but also hides the fact that the majority of the population are living in regions which are in recession. That paints a totally different picture than the political spin coming from the Government.
Read more at Non-mining Australia “in recession” last quarter | | MacroBusiness.
I think as good an indication of recession is that in the last two years we now have six sales a year in Australia as opposed to the twice yearly Boxing day and end of financial year sales in July.. I don’t know how many retailers are surviving when they only sell good with 30 – 50% off sales year round.. The overall GDP figures look good when the WA resource sales to CHINDIA are added to the rest of the country. We have become a country of 2 economies – WA and the rest..
bullshit. ask Greece or Romania aout the r word.