Blame it on bad weathermen

Inflation and interest rates cannot be forecast successfully without accounting for economic instability, just as the weather can't be predicted by assuming consistent temperatures.

As a public figure, I’m quite accustomed to seeing my name and face in the media. But it was still quite a surprise to load The Sydney Morning Herald's site on Monday last week and see my craggy visage staring back at me from the front page:

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The reason was Peter Martin’s article "A Keen eye on the global economy: how our forecasters fared”, which reported the results of the Melbourne newspaper The Age's annual survey of economic forecasters.

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