Ross Gittins Says – Media missed it, but growth will accelerate

Budget Day – exciting for politics and economics geeks, up at dawn like it was Christmas Day or your birthday.

Today Treasurer Wayne Swan is bringing down his Fair Go budget (has that been trademarked yet?), Ross Gittins take the opportunity to have a look at the numbers, and how they get interpreted and spun by the media, by the Reserve Bank and other vested interested.

Gittins is the Economics editor for Fairfax, and this is an edited extract from his piece ‘Media missed it, but growth will accelerate‘.

Just as politicians put their spin on developments, so the media put a spin on the news, preferring to focus on the negative. Thus it was reported that the Reserve downgraded its outlook for economic growth.

These cuts, we were told, underscore the challenges facing the Gillard government in returning the budget to surplus in 2012-13 – a task made harder by the slowing growth and the resulting weaker revenue streams.

Don’t you believe it…

Here’s the point: the news the media didn’t think worth passing on is that, notwithstanding its downward revisions, the Reserve is still forecasting that growth will accelerate from now on.

Read the full article: ‘Media missed it, but growth will accelerate

If the only time you read about the economy and anything written by economists is at budget time, then click the link, read the entire article and when Swan brings down the budget, you will understand that the Oppositions scare campaign about the ‘bad’ economy is just a tactic to bring down the government and force an election, and does not reflect reality.

Other Turn Left posts about Ross Gittins:
Ross Gittins says – What Jesus said about capitalism

Workers pay the penalty for one-way flexibility: The Ross Gittins Article Everyone Is Talking About

Ross Gittins, Economist: If you think life is tough now, it will only get worse under an Abbott Coalition

post added by 99.
Use of words from Ross Gittins, Fairfax, Sydney Morning Herald, is not intended to imply they would endorse the contents of this post or blog, and used for educational, information, critique purposes under the Fair Use section of the copyright act.
links to Turn Left posts is not intended to imply they would endorse the contents of this post or blog

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2 Comments to “Ross Gittins Says – Media missed it, but growth will accelerate”

  1. To the media morons (Mr Gittins and a few others aside), annual Budgets boil down to: Who wins, Who loses. Good, bad. Black, white.

    With that simplistic breakdown as the focus they go out looking for the “losers”, the “bads”, the “blacks”, to parade them as being representative OF the Budget.

    Digging any deeper for analysis and understanding (as Mr Gittins does) is just too much hard work and beyond the capability of most of them. They’re not interested or equipped to tackle complexity, and doing so does not suit their partisan purposes in any case.

    So a complex document with wide-reaching policy, economic and political ramifications is reduced to a binary breakdown, biased in its “coverage” to right-wing populism.

    It’s dumb and patronising and more than a little dishonest. But hey, such is the morality of many of them they probably take those descriptions as a compliment. Keep up the good work, morons. {sarcasm alert}

    • how often do media interview people on average wages with lots of kids in private schools and living in a Mcmansion, and describe them as “battlers doing it tough”, some people really expect all their lifestyle choices to be funded by the public purse, on the back of the most disadvantaged in society … school kid bonus = bad, nanny subsidy = good

      thanks for this comment, so true

      -99 for Turn Left

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