Australia heading for recession

Unless Abbott does something about transitioning from it's reliance on mining to an economy more widely spread, according to Morgan Stanley bank:

Australia's economic growth will slow to below 2 per cent next year and unemployment will rise to nearly 7 per cent, says a bleak assessment by Morgan Stanley. 

The bank's team of Asia-Pacific researchers warned in a note on Wednesday that the country had failed to make the transition from its dependence on mining-related infrastructure to a more balanced growth model. 

The income impact of this failure had been made worse by declining terms of trade, it said. The housing investment and construction boom had also not yet translated into broader business expansion. Read more

Given the imbecile at the helm, I'd say recession is unavoidable.