As it happens I’m sitting at the airport at the Qantas terminal waiting on my flight when there is an article atop the paper about “Qantas boss warns climate hysteria threatens air travel”. Seems he’s not always as politically correct as he is at other times. However, what interested me here was the data on air traffic in Australia:
Business and consumer confidence is weak and there are no capacity increases likely in the near future.”
Unfortunately, with the present crew of economic mandarins on the job, both in Treasury and the RBA, nothing is going to change any time soon, because there on the lower left hand side of the page is another front-page story: “Rate cut likely after shock NZ move”. Here’s the first line:
“The prospect of negative official interest rates is hanging over the economy.”
That they are clueless about why the economy is growing so slowly is clear. Eventually they will be forced to start doing the right kinds of things, but it may take a long, long time and we will go through quite a bit of pain before they’re through. But it does make me ill to watch these people in action.