Wayne Swan has a bounce in his step after the latest GDP figure and the usual round of gloating by economic commentators (who 'predicted' it) is in full force. (As an aside - if you mention the possibility of something have you really predicted it?) In amongst the 'I told you so's' Glenn Stevens and the RBA are being criticized for not having predicted the strong March quarter growth (4.3% - our economy is overheating).
But is it really as simple as the RBA just getting it wrong, reducing rates when it was completely unnecessary? (Just as they had rate settings too high in the past)