Economic Update October 2014

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Running Time: 6:46

Date: 01/10/2014

What's the state of the economy one year into the Abbott Coalition government?

Professor Neville Norman's assessment of the economy provides a mixed bag of results this month.  On the positive side, growth is back on track at 3.2% and housing approvals are up by 6%. On the other hand, unemployment has risen above 6% and car sales are down 1%. On balance, the fundamentals have changed little in the last 12 months.

Neville says confidence indicators are still concerning, and he explains why he's disappointed about the lack of movement on the budget repair levy. Also, Neville clears up the current unemployment fallacy, and says that interest rates will remain low for some time while the RBA waits for the dollar to come down.