There is no crisis in Australia.Kevin has invented it so he can put on his stern face and look like the Messiah leading us all out of the wilderness. Yes, we will have an economic slowdown. So what? It'll dampen inflation and the current account deficit and the national debt.
Our banks financial system is sound (unlike in USA and Europe). We don't need a short term consumption hit. So how much domestic product do you think Beryl and Harry are going to purchase at K Mart, Big W and Target??? Virtually none. Kev should have spent a few minutes in Econ 101 (next door to Mandarin 401) and learned about the marginal propensity to consume and the marginal propensity to import.
