Peter Martin writes in The Age: Forecasters fear weak investment will mean weak or negative GDP growth
A further slide in business investment has economic forecasters pondering the unthinkable: that the Australian economy shrank in the September quarter, and that next week’s GDP growth figure will have a minus sign in front of it.
If so, it’ll mark an end to eight years of near-continuous growth since the economy shrank 0.7 per cent during the global economic crisis in the last quarter of 2008.
Never short of the simple answer to a complex problem, Malcolm Turnbull has brought Superhero Jobson Growth back into play.
Mr Growth has been on a well-earned sabbatical after an exhausting election campaign while the government dealt with important economic issues as the Australian Building and Construction Bill and gay marriage plebiscite.
With an acute shortage of telephone boxes in Canberra, it is rumoured that the PM has assigned a special change room for Jobson in Parliament House. It is not known yet whether Jobson will be attending Question Time or Liberal party meetings.