GDP result gets some folk stoked. But W&D reads the fine print.
The September quarter GDP growth figure of 2.5% (up from 1.9% in June) seemed like a shot of heroin in the market. For some. The Australian dollar jumped, bank share prices jumped and Treasurer Jim Morrison fronted his first post-GDP media conference with a smile.
But the GDP figure was boosted by the biggest quarter of exports in 15 years, from good weather and the now diminishing resources boom. Upon what should Treasurer Jim rely for GDP happiness next time?
No, Australia is not going to have a recession, W&D's crystal ball suggests. The effects of lower interest rates, the lower currency and weaker oil prices are flowing through the economy. But let's not get too carried away.
W&D has been beating the drum about a better measure of living standards for some time. And that measure in per capita national income. And that figure is down for the sixth successive quarter. Australia's standard of living continues to fall.
And, by the way, there is the matter of the budget deficit. Time for some hard decisions to be made by Napoleon Turnbull and Treasurer Jim.