Damien Grant: Is this moment that the PM forces me to eat my words? I hope so

While our collective focus is on the impending economic collapse driven by a lack of petroleum, my attention has been diverted by a speech given by a relatively obscure, but important, government apparatchik. The Reserve Bank chief economist Paul Conway.

The problem with government economists is their language is constrained by the necessities of convention. They would describe an invasion of Orcs pouring over the balustrades howling with bloodlust as an incoming negative external shock with the potential for adverse economic outcomes in the short to medium term.