That's how the Reserve Bank sums it up in today's decision to keep interest rates on hold.
It doesn't know whether we are about dive or soar, and says so:
"As a result of earlier decisions by the Board, additional rises in market interest rates and tougher credit standards for some borrowers, there has been a substantial tightening in financial conditions since the middle of last year.
...in Monday's SMH and Age.
I reckon we'll avoid it, this time.
One of us is wrong.
Here's Ross Gittins:
"This is where I stick my neck out.
My bet is that the economy is slowing, it will continue slowing, it will slow by at least as much as the Reserve Bank is seeking and probably more.
In short, if our luck runs out we'll slow to the point of recession.
If we do reach that point, my
The interest rate hikes are working, oil prices are helping.
Consumer confidence has fallen to recession levels with an expert predicting that only the coming tax cuts will prevent spending from stalling.
The latest Westpac-Melbourne Institute survey shows confidence sliding a further 5.6 per cent in June to its lowest point since Australia was emerging from the 1990-91 recession.
Westpac's
The results of the Canberra Times mini-survey are in, and you can read them by clicking on the attached graphic.
Here's today's report:
The ACT will survive its present downturn, returning to economic strength in the year ahead, according to a survey of eight leading forecasters conducted by the Canberra Times.
But they expect the Australian economy as a whole to slow and both ACT and national
Some people think this is a disaster.
Heat has come out of the Australian jobs market for the first time in nearly two years, raising the prospect that the Reserve Bank's program of interest rate rises is having the desired effect.
News yesterday that the number of Australians in jobs had dipped for the first time in 19 months sent the Australian dollar diving almost one complete US cent as
The ACT’s economy has stalled and gone backwards under the weight of high mortgage rates, high petrol prices and talk of Budget cutbacks.
It is the only Australian economy to have done so.
The Australian National Accounts released yesterday show that spending and investment climbed strongly in every state and territory other than the ACT in the three months to March.
Only in the Territory did
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