It’s an election year. More important than ever to maintain public con-fidence in the economy and its overlords.
At the Australian:
At the AFR:
Now, look at this chart from the ABS of the direct inputs into the GDP figure:
Notice the largest contributor by far is GFCF-Pub. That is, Gross Fixed Capital Formation – Public sector.
This was achieved in part by an unspecified transfer of assets to the public sector for as the ABS put it (h/t Bearish):
“The public non-financial corporations sector took ownership of some large capital projects that were completed during the December quarter 2012.”
Without this contribution the economy shrank yet not one story in the above papers mentioned the surge in public GFCF.
Anyone know what that mystery asset transfer actually is?
“Some large capital projects”, eh?
Time for some government officials to do some explaining.
As Mark Twain said – “Lies, damned lies, and statistics.”