No matter how much Jim Chalmers tries to find a golden thread in these bleak economic numbers, there’s no getting away from the fact consumers are scarred.
Reserve Bank governor Michele Bullock and Treasurer Jim Chalmers.By any measure, the living standards of most people are going backwards. Economic output per person has been falling for the best part of two years as a combination of low wage growth, high interest rates and high taxes hit households.
Immigration and public spending – including major projects such as suburban rail and defence equipment – is keeping the country barely ticking over.Maybe people were saving so they could go on the mother of all spending sprees through the Black Friday sales, but you wouldn’t bet the government’s re-election on it.
At the Reserve Bank, governor Bullock can’t be feeling confident about how her institution is running the economy.
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