The above article is from the ABC and, as usual, they best represent the out-of-touch with reality nonchalance of our ruling elite.
Gross Domestic Product (GDP) is used as the measure of economic health. Essentially, GDP is composed of every penny spent; no matter how it was spent, or by whom. So when the government confiscates money (taxes) from the productive economy and blows it away in the unproductive economy, then that is counted as an increase in GDP. If the Lesbian Whale Initiative receives funding, then that adds to GDP. If we waste billions of dollars buying planes that are unfit for their role and have to spend further billions replacing them, then that also adds to GDP. It is not hard to figure out that GDP is a deeply flawed way of measuring the health of an economy.
The article above suggests that there may be a slight slowing in the Australian economy. This, despite the fact that the evidence of anyone with eyes can see the growing number of ‘for lease’ signs on retail properties around the country. Even if they don’t own property personally, anecdotal stories abound of the fall in property prices. Restaurants and cafes are closing their doors at unprecedented rates.
Nope, never mind that; what does GDP say?
Regulations have throttled the economy such that it can no longer breathe. Wages make employing people a distant dream (for both parties), which means that only family-owned and operated businesses can stay afloat.
The country is visibly on the verge of a catastrophic economic collapse. The Greater Depression will have already happened before the ABC latches onto it.