Morrison and Frydenberg have had their economic exams marked and Moody's have awarded them High Distinctions.
Here are some excerpts of Moody's latest assessment of the health of the Australian economy.
Australians can cope with more aggressive interest rate hikes, with Australia’s jobs bonanza set to buffer households from the inflationary storm, Moody’s Analytics says.
Moody’s economist Harry Murphy Cruise said “Australia has had a stellar run over the past two years”, with unemployment at a five-decade low and “stratospheric” job vacancies.“The participation rate has never been higher,” he said.
“These gains have been broadbased. Female participation is a full percentage point higher than pre-pandemic levels.“Similarly, younger workers are benefiting from the surplus of jobs. The unemployment rate for those aged 15 to 24 is hovering around record lows, some 3.4 percentage points below pre-pandemic levels. And like a “bottle of wine, it’s only getting better with time”.
I like the analogy of the Australian economy to a fine bottle of wine, it's only getting better with time.
Morrison and Frydenberg have left the economy in great shape and highly resilient to whatever international headwinds come our way.
Let's see what the Moody's assessment is in three years time, over to you Mr. Albanese and Mr. Chalmers.
