Australia has enjoyed 25 consecutive year of Gross Domestic Product (GDP) growth.
This is what the last ten years of that growth looked like:
So when that arch enemy of sound economic principles, Federal Treasurer and Liberal MP for Cook, Scott Morrison, starts yelling that the sky is falling and Santa Claus is dead – remember the only weapon in his armoury across all three portfolios he has held (Immigration, Social Services & Treasury) is The Big Scare.
Like all his big scares this one is designed as warfare against the weak and vulnerable, so expect the MYEFO (mid-year budget update) released tomorrow to be structured to deliver doom and gloom.
According to Yahoo! News: The last time Australia was in recession, Sale of the Century was on the nation’s televisions and people endured Bryan Adams’ (Everything I Do) I Do it for You as the number one song for 11 long weeks.
So if a 77 year-old Tony Barber isn’t fronting a new television game show this month and a 57 year-old Bryan Adams hasn't returned to centre stage from the musical back blocks he currently tours, then I suggest you don't have worry about an economic recession just yet.
Otherwise, enjoy your festive season in the sure knowledge that federal parliament is in recess until 7 February 2017 and therefore pollies can do no further harm for the remainder of 2016.
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