Australias resilience during the global crisis, 2007-2009

Abstract

There is now an exhaustive literature detailing the causes and consequences of the global financial crisis. The point of this intervention is to look at the effects of the crisis on the Australian economy. Australia cannot be understood without regard to the international situation. The contribution therefore begins by briefly commenting on the nature of the global crisis. It then considers how the relative stability of Chinese demand, the buoyancy of the housing market and the circumstances of the financial sector have so far insulated Australia from the carnage witnessed in Europe, Japan and the US. The final sections comment on the current state of the Australian economy