Australia's Treasurer - Economic Outlook Fine As Long As Rains Come

[hatrack]

OK, super!

THE Treasurer, Peter Costello, has predicted the slowing economy will grow strongly next financial year - but it will need rain. "These figures assume a return to normal conditions. That means rain next year," Mr Costello said yesterday as he released the mid-year budget review.

The release coincided with an admission by the Environment Minister, Ian Campbell, that Australia would fail to reach its reduced greenhouse gas emissions targets under the Kyoto Protocol. Although Australia has not ratified the protocol, it has committed to meeting the targets.

With experts blaming climate change for the current drought, Mr Costello said a continuation of the big dry remained the greatest threat to the economy. The budget review found the drought had stripped farm production by 20 per cent and reduced forecast national growth for this financial year from 3.25 per cent to 2.5 per cent, a drop of 0.75 of a percentage point.

Yesterday's review forecast that growth would rebound to average 3.75 per cent throughout 2007-08, assuming the drought ends. "I hope is better than normal next year, but what can I do now?" Mr Costello said of his assumption. "I don't have a rain diviner."

EDIT

http://www.smh.com.au/news/national/economic-outlook-is-fine-as-long-as-rain-comes/2006/12/20/1166290613826.html

[rodeodance]

1. I want to see Howie do a rain dance.

[phantom power]

2. And my equestrian outlook is outstanding if Santa brings me a pony.

[hatrack]

3. My personal finances look good as long as money comes!

Exciting news, no?

[phantom power]

4. We benefit from the finest in 21st century tautalogical reasoning.