The latest retail and private capital investment figures show the economy is far from purring along
On Wednesday, the latest GDP figures will be released. And while growth in the economy is expected to have slowed it should still be at a level that does not pose too many early concerns for the new treasurer, Josh Frydenberg. But the latest series of data in the run-up to the national accounts highlights that the economy is far from purring along.
Being treasurer is a step up from pretty much every other portfolio. No doubt this past week, as he gets ready for the latest GDP figures, Frydenberg has been going over every acronym he is likely to encounter. No new treasurer wants to replicate the performance of John Kerin who in describing the national accounts forgot what GOS stood for (gross operating surplus – a proxy for company profits). When your time in the job has been short and you have few laurels to rest on, such slips, which in reality mean little, have a tendency to get over emphasised.
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