Loose cannons

Issue 

@subh= Lucky only 5% us live in dwellings

"Ninety-five per cent of the economy showed good strong growth, but it was the 5% of the economy, namely, the dwelling part of the economy [that had caused the contraction]." — Treasurer Peter Costello commenting on national accounts figures showing that Australia' gross domestic product contracted by 0.6% in the final quarter of 2000, the first quarterly decline in GDP since the 1990-91 recession.

Regularly recurrent accident

"Various factors have contributed [to the December quarter GDP contraction]... By far the greatest factor has been the housing industry collapse after so many people decided to build their home before the GST... Remember, too, we're about due for another recession. We've had one in the early years of each of the past four decades." — Sydney Morning Herald economics editor Ross Gittins.

Clueless I

"We have, in my opinion, avoided the boom-bust cycle in economic policy, and hence have an excellent outlook for the coming year." — Reserve Bank of Australia governor Ian Macfarlane, December 1, 2000.

Clueless II

"[T]he outlook for world economic growth has strengthened." — Treasury secretary and Reserve Bank board member Ted Evans, November 15, 2000.

Learning fast

"Chinese companies aren't all that concerned about the greater moral issues involved in doing business in [underdeveloped] countries. They are there to make a quick buck." — A Western diplomat quoted in the Wall Street Journal.

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