A recession is coming, but don't blame debt

Commentators with negative views about the state of the economy have homed in on Australia's record-high debt levels. In fact, the cause of the next recession will be a little more traditional.

Yesterday’s GDP numbers confirm that the Australian economy is in excellent shape. Indeed the figures show that once again, the nation’s economy is growing comfortably above trend -- as it has done consistently for these past three years. Importantly, economic growth is well above where the Reserve Bank of Australia thought the economy would be earlier in the year. So far so good.

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