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    • don_dunstan posted
    Posted in The Lounge » It's the economy, stupid!

    The Aussie economic officially shrinks for the first time since the GFC (ABC News), with a sharp contraction in our Gross Domestic Product (GDP) of 0.5% in the September quarter. Apparently a recent turnaround in iron ore and coal prices wasn't enough to turn it around with a steep decline in building approvals and business activity being blamed for the bad result.

    We are on our way to the official definition of recession now - we only need another quarter of negative growth to be there. Perhaps the Reserve Bank could hold an emergency meeting and cut interest rates yet again - looks like they were too complacent to leave rates on hold yesterday until their next meeting in February?

    Edit history

    Edited 07 Dec 2016 11:56, 5 years ago, edited by don_dunstan

    The Aussie economic officially shrinks for the first time since the GFC (ABC News), with a sharp contraction of 0.5% in the September quarter. Apparently a recent turnaround in iron ore and coal prices wasn't enough to turn it around with a steep decline in building approvals and business activity being blamed for the bad result.

    We are on our way to the official definition of recession now - we only need another quarter of negative growth to be there. Perhaps the Reserve Bank could hold an emergency meeting and cut interest rates yet again - looks like they were too complacent to leave rates on hold yesterday until their next meeting in February?