When you have the Treasurer telling the Australian public one day that we are "the envy of the world" and the next day the PM dropping the bombshell that the nation's finances is GRAVE and URGENT, you know the Australian economy is in the sewers.
When you have a sizable surplus (GUARANTEED by the Treasures a year ago) turning into a tiny surplus back in X'mas 2012 and then a $6 Billion blackhole that became a $12 billion backhole and then a $20 Billion blackhole in just a matter of a weeks (and accelerating), you know the Australian economy is in the sewers.
When you had the RBA governor Glen Stevens testifying to the Senate telling us teh Aussie economy is doing really well (he said a GLASS HALF FULL - RATHER THAN HALF-EMPTY), then cut rate to a 30 year low level (matching the level during the GFC) and then cut further to a 50 YEAR low of 2.75%, you know the Australian economy is in the sewers.
AGO Price at posting:
87.0¢ Sentiment: Buy Disclosure: Held
