I am currently travelling this week for family and business purposes. I have decided to take the monkey off my back and resume writing when I am in a bit of a normal routine.
I thought I would just share this chart from perennial deflation fame – Japan. See how the cost of mobile services have declined in the “land of the rising sun”.
I have travelled once domestically since Covid-19 broke out, yesterday was my second time. From memory so I may be out by a little, 9 million people visited Australia in 2019. In 2021 200 thousand people visited. I hired a car yesterday and it was pretty busy, the airport felt very busy. I was wondering to myself how these businesses survived. What was almost more incredible to me is that we are now ahead of the trend GDP growth before Covid, that is hard to get ones head around, unless you factor how the “lucky country” once again got lucky with a commodities boom like no other.
I actually didn’t think I would do a letter today and now I am writing more.
The winter Olympics are over and the medal winner by far was Norway. This country is a real powerhouse in winter sports and also on the finance front. They have enjoyed tremendous economic growth off the Covid lows, but not yet above trend growth of the last decade.
Norway you box above your weight class but Australia still boxes better as we are above trend.