And others did it worse
Treasury now releases reports of the Joint Economic Forecasting Group (JEFG) Committee after a period of 2½ years.
Today it released the JEFG report of March 2009 mid-crisis, when things looked particularly murky.
Here's how it thought our terms of trade would pan out:
Note: The budget forecasts that flowed from this were derided by "experts" as unrealistically optimistic.
Check out the 7.30 Report's "Expert Budget analysis" that night.
RICHARDSON: "Some of those growth assumptions are optimistic"
KOHLER: "A colossal turnaround that they’re forecasting which I don't think is credible at all"
BRISSENDEN: "The optimistic growth figures are are going to underpin the Government's argument about returning to surplus"
Here's how things turned out:
Another one of its "optimistic" forecasts was that unemployment would peak at 8.25 per cent.
We've all been surprised by joy
. Australia's terms of trade. Reality vs repeated forecasts
. Gee, how are our mining companies doing?
. Three wise economic monkeys