1. When the Labor Government came to power, the previous Liberal Government had built up a substantial "Rainy Day" fund to cushion us from just such things as a the WFC.
2. The fortunate abundance of natural resources we have. Allowing us to take advantage of Asia's, and in particular, China's hunger for these products, as they emerge as a new world economic giant. (And buy up half of our country. But that adds to the coffers too doesn't it Wayne?)However, there are clouds on the horizon, as these emerging economies falter and the WFC continues to bite and devastate the economies of some of their largest customers. In Europe and The US.
There are already calls from major economic experts for us to urgently build our "Rainy Day" fund back up, because they believe we are on the brink of another world financial disaster. However there seems little evidence of this from our Government.
They seem to want to make it more difficult for our miners to compete on the world stage with the mining tax, and to drive our local manufacturers into the ground with a carbon tax and their failure to manage our high dollar properly. Whilst at the same time allowing the instigators of the WFC, the Banks, to continue on their merry way, fleecing the man in the street to ensure record profits each quarter.
The Worlds Greatest Treasurer indeed, what rot.
Our envied position in the world economy has been none of his doing. When you look at the continued waste that Swan, Gillard and Rudd have presided over these long five years, it has been dumb luck and our resources boom that have kept them afloat.
Never mind, when our luck runs out and we end up in the gurgler with everyone else, we will vote for the Libs and they will play the bad parent again and pull us out of the mire. It's a cycle, The Libs prudently save up until we think we need a change, then we vote for Labor and they buy us all a new TV, School Hall, Insulation Bats and a brand new Broadband connection, Oh! and how's that Education Revolution going Julia?
I know, it's all nation building, but all of the people struggling to pay the rent don't really get it.
