Great financial crash, what great financial crash! Australia, uniquely in the developed world, sailed through it with ease.
They have now racked up 100 consecutive quarters of growth. Their last recession was back in 1991 - there is a whole generation now who have never experienced recession.
How have they done it? They are a consumer society, with a strong services sector - so a big chunk of growth relies on internal Australian dynamics. In addition they are strong exporters of raw materials like iron ore, plus agricultural products like beef (Australian beef is pure grass fed and organic, thanks to the vast area of the outback which allows cattle to roam at will to find food instead of being force-fed in a pen like American cattle. The Australian herd has also never suffered diseases like BSE because of it's organic diet ).
Enterprising Australians have also branched out into unexpected areas - such as winemaking. Their wines have even tested better than French wines in blind tests.
Basically they are a very adaptable nation, that changes rapidly to adjust to prevailing global conditions.
The world record for the length of time held without a recession is 103 consecutive quarters, and is held by the Netherlands. Australia hopes to surpass this by 2017 to become the world champtions of growth.
The most incredible thing about this whole story is how frequently Australia had changed Prime Ministers in recent years. Here is the list:
Kevin Rudd Labor (2007 to 2010) He was ousted by a fellow Labor politician
Julia Gillard Labor (2010 to 2013). She was then ousted by by her predecessor
Kevin Rudd Labor (June 2013 to Sept 2013). He was then dispatched by the electorate
Tony Abbot Liberal (2013 to 2015) He was then ousted by a fellow Liberal politician
Malcolm Turnbull Liberal (2015 to date)
Perhaps Australia's success is down to their politicians being so busy knifing one another that they haven't had time to spare to screw up the economy!