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These charts show just how uncertain the RBA is about Australia's economic outlook
Whenever I see a forecast for economic growth, exchange or interest rates, or sales growth, I’m always reminded of the quote attributed to Danish physicist Neils Bohr that “prediction is very difficult, especially about the future”. His contemporary, Werner Heisenberg’s uncertainty principle says you can’t measure both the position and momentum of a particle with any precision – the more accurate you are about one, the less you are about the other – because, there is a certain element of fuzziness necessitating a probabilistic guesstimate of where things are. These two ideas neatly encapsulate the ... (full story)