WA's fortunes to 'fade' - report

Australia will fall into recession this year with Western Australia's strong momentum expected to fade after 2010, a key economic forecast said.


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Totally agree Dave. It seems like they just take a ruler to the current trend. When the economy is trending upwards, they predict more growth. When it is trending downwards, they predict more contraction. Isn't that forecasting by looking in the rear view mirror? It works OK on long straight roads, I guess, as long as a roo doesn't cross in front!

This is not what the WA Chamber of Commerce economists are saying. It is almost as if we are trying to talk ourselves into this recession.

These so called economists and many journalists have been spreading panic and also continually publish stories and articles that conflict each other, an example is that one day the real estate market is recovering and the next day its crashing. Half the current crisis has been caused by panic spread by the media and so called experts

Am I the only one that has a credibility problem with economists predictions? I don't remember them predicting the current situation?

I feel that the comments made by readers on the current finacial situation are about the first rational comments that I have read since the Monopoly Money scandal started. When writing media, which I have been doing for 30 years, you need to first establish a truthful base. I doubt if that has been incorporated into the medley of projections DOWNWARDS that is being written. Perhaps if our writers studied the greater picture they might in all honesty say they are unsure. And then deal with it. Our state will ever be unique and will go against the national trend. When the Labor Minister Chris Hurford introduced his first Home Buyers Scheme, 20 years ago, with a start up in 5months. The WA Housing Industry stonewalled, building cancellations started minutes after the announcement and accellerated all weekend, the industry was about to be stopped. It didn't happen anywhere else except WA, for some time. HIA flew over to Canberra and lobbied heavily and achieved a bandaid package. No one in ecomomic media here and elsewhere, understood the delicacy of one of this states largest industries, and the power of the family dollar. Economics must reflect the people component as well as the corporate finances. Use balance not terror to sell a story. David Stephens. CEO of HIA at that time.

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