How Rudd is Undoing the Aussie Miracle  

Oleh:

Switzer, Tom

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Far Eastern Economic Review vol. 172 no. 9 (Nov. 2009), page 49.
Topik: Kevin Rudd; Australia; Global Financial Crisis; Free-market

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Perpustakaan Pusat (Semanggi) Nomor Panggil: FF21.22 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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As the world searches for new models to address the after-effects of the global financial crisis, Australia deserves a closer look. The country is now the envy of the industrialized world, having recorded faster growth than the United States this decade, even as it provided universal health care and other social services that the U.S. does not. The economy has also weathered the crisis better than its peers: unemployment is at 5.7% (compared with 9.5% in the U.S. and 7.9% in Britain); the equity market has reached 12-month highs; the Aussie dollar is heading toward parity with the greenback; growth forecasts are so bullish that Australia is the first G20 nation to raise interest rates since the global downturn, and it is widely praised as the best place to invest because it is free of banking crises. When John Howard became treasurer 32 years ago, Australia was an over-regulated and over-protected nation, weighed down by chronic inflation and union militancy. By the time Mr. Howard retired as prime minister in 2007, the country had undergone a thorough transformation, including financial market deregulation, tax reform, freer labor markets, import-tariff reductions and privatization of state-owned enterprises. Wages, economic growth and the stock market were up, while unemployment, inflation, and even interest rates were down. The Coalition government had paid off its predecessors' A$96 billion debt and A$10 billion budget deficit.

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