Why is the world economy is such dire straits? Because too many people, for too long, have assumed that if they have the cash, they can get more money, for nothing.
There’s a fierce debate about how much poker machine reforms will hurt the clubs. There’s no doubt they’ll take a pummelling, but then we have to look at how serious we are about fixing the problem.
GDP in Q1 1.5% down on Q4. Hardly surprising given the lockdown. The economy is still 8.7% smaller than just before the pandemic, whereas US GDP is close to where it was, thanks to massive government spending.