Exceptionally among rich-world economies, Australia is now enjoying its 22nd year of uninterrupted growth. Much of the lucky country’s recent prosperity came easily—from shipping coal and iron ore, Australia’s two biggest exports, to China, its biggest market. But now that the Chinese boom is fading and commodity prices are slumping, that luck may be on the turn. This backdrop makes the election on September 7th critical. Australia needs a government that can take difficult decisions when forecasts of budget surpluses are turning into deficits, and a bit of inspired leadership to help it face a trickier future. The choice for voters, frankly, is not great. econ.st/1adiViJ
Posted on: Tue, 03 Sep 2013 01:30:01 +0000
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