The real world is made up of some significant dramas that don’t announce themselves in advance to a majority of people. As the old maxim goes: “No one rings the bell” for all to hear when a stock market is about to crash. Similarly, a significant slowdown or even a recession can surprise a lot of economic experts and important government policy setters, such as Treasurers and even the Governor of the Reserve Bank.
Economies have many moving parts, with some growing while others are contracting. Sometimes the growers can attract more attention than the contractors. This is what I was thinking when my 2GB colleagues asked me to explain this short story in the Daily Telegraph.
It went like this: “Business failures are at the…
