GDP brainwashing kicks into gear

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Changing the goal posts is what the housing obsessed Australia does best. Whatever it takes to keep the confidence fairy fluffed. It’s usually the endless GDP record that is trotted out. But the usual brainwashing has reversed today:

The message from the Reserve Bank is clear.

Don’t panic if the economy slowed down in the first quarter of this calendar year. Don’t worry about low inflation and don’t even fret over employment numbers.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.