Aussie ‘Goldilocks’ economy now more like emperor with no clothes

Business

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

AFP

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...

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