The media — and the internet in particular — are full of eye-catching bravado about the economy and what recent data is telling us about the future. But what happens when things are far from certain?
Why is the RBA deputy talking about gurus, charlatans and buffoons? It's the hidden danger in our economic debateWhy is the RBA deputy talking about gurus, charlatans and buffoons? It's the hidden danger in our economic debateWhile we have access to key economic data, most of the time they are lagging indicators that tell us about the past.The media — and the internet in particular — are full of eye-catching bravado about the economy and what recent data is telling us about the future.
If the world's biggest economy went into recession, there would be a solid chance Australia would follow.But when my colleague Kirsten Aitken put the question to the bank's global strategist Michael Every, he politely declined to call it.He said, if you look at some of the data, the economy still has "a lot of heat left in it" while other data showed "it’s pretty cold and cooling rapidly".
Andrew Hauser was a central banker at the Bank of England. On November 27, 2023 he was appointed as the deputy governor of the RBA."Those seeing things differently are castigated as incompetent, biased or on the make," he said."In short, it’s a world of winners and losers, gurus and charlatans, geniuses and buffoons."
"At best, it needlessly weaponises an important but difficult process of discovery. At worst, it risks driving poor analysis and decision-making that could harm the welfare of all Australians."and the Reserve Bank's difficult job of getting it within its target range of 2 to 3 per cent. The media covers them because this data is important and tells us about how things are working — or not — in our economy., prompting different analysts to conclude the RBA would be happy to see wage pressures subsiding and others thinking the opposite, that it would still be too high.The missing information that would give us a clearer picturePhoto shows A bald man wearing a black shirt holds a surfboard in the front yard of a brick house.
The percentage of private school invoices being sent to an address that is not where the student lives — for example, to be paid by a grandparentIf the length of time people wait between trips to see foreign relatives is lengthening
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