A massive understatement on Australia's economic outlook
The Netherlands economy expanded from 1982 to 2008 due to the ability of this small trade-focussed country to capitalise on the globalisation of that era. The 26 calendar years (or 103 quarters) of uninterrupted expansion is regarded as the record growth spurt for a modern industrial economy.
Australia is close to outdoing that feat, an achievement no one predicted when the economy resumed growing 25 years ago. Our economy’s expansion of 0.5% in the June quarter marked 100 quarters without a contraction. The resources boom, the microeconomic reforms of the 1980s and the healthy budget position of 2008 that allowed an adept response to the global financial crisis have helped fan Australia’s continuous growth since mid-1991.
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