Australia is in crisis. Not economically – despite slowing growth, the domestic outlook is still one to which nearly all other major economies can only aspire. As one senior diplomat put it last week, “Australian growth is slowing to a pace that we are still striving to achieve”.
Whether judged by economic growth, or the budget position, or debt to GDP, Australia is enormously more resilient than many other major nations. Of course this is no cause for complacency – it remains important to bring the budget back into balance in due course. But when it comes to the country’s mindset, it is surely time to hit the reboot button.
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