Quote from: ribuck on February 09, 2011, 10:57:00 AM

Quote from: srb123 on February 09, 2011, 05:20:02 AM

Most of our recent success is attibuted to the boom in China

Not to mention that the previous government paid off the national debt before the US/Europe financial crisis.

I'm a fan of the Howard/Costello Govt, but I think their good management was matched by the good luck of the China Boom. Apart from the DotCom Bust and 9/11, the 11 years they had were very hassle free in terms of the Economy.

Throiugh Mining exports, China has indirectly paid of our debt for the 10 years leading up to the GFC, when the GFC did hit, Shares went down, but everything else stayed largely the same. Wages and Jobs stayed up, thanks largely to the demand from the Mining sector (China again.), that meant our Homes didn't become Toxic assets.
Company profits, especially Banks barely dipped, so once the U.S. finds it feet, out Share prices will probably come back too.

The only "victim" in Australia was Retail. Who cares? Retail is changing due to the Internet, not the GFC.

At preset, Australia could probably stave off another crisis, but it would be a disaster for the Eurozone and the US. (Taking the EUR and USD with them.)