Australia came out of the global financial crisis largely unscathed, thanks to the Rudd Government’s rapid fiscal response in the form of public spending. Depending on whether your views are shaped by the Murdoch Press or by economists such as those working at the IMF, this was either an irresponsible waste of the Howard government’s surplus or a sensible Keynesian stimulus.
The global economy may go through Wednesday morning unscathed, as two big datapoints came in okay. Aussie GDP came in at -1.2% vs. expectations of -1.1%. The gigantic floods were a contributor, and the fact that the number wasn't mu... Read Post
A global bank tax could soon be agreed by the world's leading economies as a response to last year's financial crisis, Gordon Brown said today.... Read Post