The Rebalancing Fairy's magic wand isn't working very well.
You won't find her in the economics textbooks, in landmark speeches by central bankers or Treasury's budget projection.
But much of the commentary on the economy does seem to appeal to some invisible entity with magical powers.
She'll guide the economy back toward some full-employment, steady state after it's buffeted by ructions and crises in the world's economy and financial markets.
There's no doubt there are some aspects of the economy that can help restore equilibrium, if not exactly by magic.
Tepid wages growth will induce a switch to less labour-intensive production, reducing the demand for labour and easing pressure on wages and inflation.
And - more topically - a higher exchange rate caused by rising commodity prices can, by undermining competitiveness, reduce growth in other sectors during a mining boom.
And that can help to stop the economy from overheating and generating an inflation upsurge.
But this process is not perfect.
The Rebalancing Fairy usually needs help.
The existence of central banks, whose main function is to promote the full employment and sustained economic growth that a hands-off policy approach can't achieve, is testimony to that.
So is the current state of the economy.
Despite all the talk about rebalancing it's clear that, wave her wand as franticly as she might, the Rebalancing Fairy just can't do it all.
The exchange rate has indeed risen, but too much - cooling the non-mining parts of the economy more than necessary.
The unemployment rate's risen for the past three years.
And, even according to the Reserve Bank of Australia, we'll have more "below trend" economic growth through most of this year, meaning below-trend employment growth, probably extending well into 2015.
Now you can have below-trend growth, or you can have an economy that's been rebalanced, but you can't have both.
And at the moment, we have below trend - or unbalanced - growth.
Part of the reason for that is that the Global Rebalancing Fairy's magic wand is broken too.
Central banks in the US, Japan and the euro area have had to step in to help by lowering their key interest rates to rock bottom to drag those economies out of recession and keep recovery on track.
That's encouraged a decidedly unbalanced flight of hot money into Australia's money market, where interest rates are, although historically low, still well above rates in the major economies.
Try as she might, the Australian Rebalancing Fairy has been unable to cast a spell strong enough to push the Australian dollar down.
That's why she's been getting help from the RBA - two interest rate cuts last year and "jawboning" - repeated references to the need for a lower exchange rate to promote rebalancing - to help guide it down.
And it's why further interest rate cuts should not be ruled out.
Sometimes the economy needs more than magic to get it back on track.