There are few signs of better economic times ahead. The commodity price lift is rapidly reversing. The housing boom appears to be on the cusp of something that could turn ugly. Wages growth is so low that the prospects for an acceleration in consumer spending growth is remote.
Where is the segment of the economy that will kick start GDP growth to a much needed 3 to 3.5 per cent? What are the policy makers doing to try to make this happen?
Unless there is something miraculous in the budget, get set for the unemployment rate to break above 6 per cent in the next few months and for the number of unemployed to excess 800,000.
As a mark of economic management, such results confirm policy failure.