Time for the doomsayers to get a life

SO this is the recession we did not have to have, to paraphrase one former pig farmer. The export engine, fuelled by a highly competitive dollar, has enabled the economy to come through a tough patch. The housing sector has now put in a big bounce and consumer spending is holding up, as evidenced by double digit sales growth numbers rung up by Woolworths. Tax cuts and rock bottom borrowing costs will help going forward.

Importantly, the 4.8 per cent growth in the WA economy reported for the March quarter was driven by a big jump in business investment, with the North-West Shelf an important factor.

The prophets of doom market economists probably spooked some employers into laying off more staff, which is why national unemployment is nudging 7.5 per cent. Now, some of the Jeremiahs are saying interest rates will have to start going up again to head off an inflationary boom this time next year. When will these characters get a life?