Aussie ‘Goldilocks’ economy now more like emperor with no clothes
Economy grows just just 0.4% amid troublesome mixture of high personal debt and stagnant wages
Australia’s record-breaking economic run isn’t about to end because of a ban on plastic bags – as one lobby group spuriously claimed – but consumers are buying less, offering a cautionary tale for the rest of the world.
Once dubbed the “Goldilocks economy” for avoiding the pitfalls of the global financial crisis, Australia has seen 27 years of uninterrupted expansion – unprecedented in the developed world.
But the outlook appears increasingly bearish, and resilient Australia’s faltering growth could be the canary in the coal mine for the world economy...