Which just goes to show you how statistics are manipulated.Our GDP is going gangbusters according to the official figures so why when I go to work in regional centres every time there have been more business closures?Maybe these figures from the ABS give some insight-
1301.0 - Year Book Australia, 2012
See the graph for Real GDP and then GDP per person.At no time in the Howard years was the growth in GDP per person lower than it is now.Maybe that is why some people are really feeling pain.
Then there is employment.And boy aren't those figures manipulated.First you put people on all sorts of welfare so they are no longer counted.Then you base the figures on who has actively looked for a job recently rather than those who actually want a job.An interesting reference is the Roy Morgan polling and the unemployment rate they get compared to the "official" figures-
[Roy Morgan Research] Morgan Poll
Just look at the bottom of the table and the figures for unemployed-10.9% and underemployed-8.8%.That means that 19.7% of Australians are either unemployed or under employed.Seems a better explanation for the pain i see around regional Australia.That means January 2013 sees a record number of people unemployed or under employed.
So when it comes to the ballot box the thought of individual Australians will be with their personal circumstances not what the official figures say.This is reflected in the current polls of voting intentions.
And as to the low interest rates-well this is a sign that the country's economy is not going well.Here is the Governor of the RBA's statement this month-
RBA: Media Release-Statement by Glenn Stevens, Governor: Monetary Policy Decision
In particular see why he felt a need to ease monetary policy in 2012,ie reduce interest rates.
So interest rates were lowered to increase demand-not what you have to do if the economy is going gangbusters.
PS correction to ABS quote.