"Economy actually doing very well" - NAB chief

Another day and another high ranking economist says the gov is talking crap with it's hysterical ravings about a "budget emergency". This time the chief executive of the National Australia Bank (NAB), Cameron Clyne points out how well the Australian economy is actually doing.

I think the interesting thing is, we've made this point on many occasions, the Australian economy is fundamentally a lot stronger than people give it credit for. 

The transition is occurring, you know. In any one month, you know, there's 180,000 job movements in the labour market, people come in, people going out, yet for the vast majority of the last, you know, five or six years we've maintained unemployment, you know, below six. So the transition from mining to other sectors is occurring. 

What we have is extraordinary noise around the sectors of the economy that are perhaps struggling and nowhere near enough coverage around the sectors of the economy that are growing and you just simply don't produce 5 per cent unemployment for six straight years without the economy actually doing well. more