05.12.19. Three stories on the same front page of News Corp!
1: “We’re in the black,” Josh chants! Josh Frydenberg has seized on a small rise in economic growth as evidence the government’s strategy is on track, but faces the challenge of sluggish consumer spending and a fall in business investment ahead of the mid-year economic statement.
2: An investment strike continues to stymie the economy as business seizes on the latest lacklustre growth figures to restate the case for governments to bring forward a national infrastructure plan. The economy grew by a slower-than-expected 0.4 per cent in the September quarter, according to GDP figures released on Wednesday by the ABS.
3: Australia’s sharemarket dived for a second day, government bond yields fell and the dollar turned down as worrisome signs for US trade policy fuelled risk aversion and safe-haven demand in global markets, and national accounts data showed the domestic economy remained weak.
4: Robert Gottliebson: The facts are clear. The Australian private sector is in recession and investment has been cut back. Consumers are being forced to increase their savings and so have reduced their spending in many areas. The economy achieves growth by exporting to China and government spending which is at record levels. For the most part the economic malaise has been caused by federal and state government politicians pandering to sectional interests.