Relationship between GDP and temperature in Australia: Distant cousins, twice removed

I read in amazement that the Financial press/companies/directors/CEO etc are blaming the weather and the budget for bad company results, saying it affects the economy. Really!

Can't say much about the budget,but the weather argument is an interesting one.

So I got out my trusty excel spreadsheet, Australian satellite temperature data from Roy Spencer's web site at the University of Alabama, GDP info from the abs and did some charting. And what did we find.

No statistical relationship between quarterly change in GDP and the average temperature in that Quarter.

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