James Glynn says is “Australia’s “Miracle Economy” Running out of Tricks”:
Australians are slowly coming to the realization that their miracle economy, which on Wednesday marked 23 years without a recession, might not be so blessed going forward.
And argues that what propelled the economy over the last decade was mining, which won´t be up to the task anymore. He doesn´t ask, for example, “what powered the economy in the decade before that…” Or why, singular among developed economies, Australia has survived so long without a recession.
Not that recessions in Australia were not infrequent occurrences before 1991. There were quite a few of those as shown in the chart.
Read the whole article here.