The glow from last week’s National Accounts figures is now gone with the yesterday’s Retail Sales data and today’s Labour Force data showing that the Australian economy is far from being healthy and might better be termed hanging on by the skin of its teeth with strong fiscal support. The data also confirms why I am now calling this the underemployment recession. I could use this blog to show further flaws in the Austrian School’s approach to the labour market but I will leave that theme until another time.