Gillard to push Australia into recession?

I promised you that I would update you on Australia in greater detail given my prediction that the Australian housing bubble would pop. Last week we carried two posts on the bubble (see here and here). It is clear that Australia will be caught up in the global growth slowdown and that the collapsed credit growth from the deflating housing bubble in Australia is a harbinger of reduced economic growth. I wrote last:

Question: how long will the government compensate with deficit spending? If Australia turns to austerity, you don’t even need to know your financial sector balances to realise Australia would be a serious risk-off bet. This day is coming soon.

Indeed it is because Australian Prime Minister Julia Gillard clearly doesn't understand any of this. Nor does understand the f...

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