by god - check this out!, page-78

currgra

Re your post which included:
"... My argument is we are ok now because there was never a major problem here to begin with.Your boy Rudd panicked. ..."
"... What the labor government did bring us was sovereign risk ..."
"... Our banks were strong our economy was strong.Our real estate market was strong. ..."

Kevin Rudd hit the panic button because the global economy was imploding - as a nation dependent on international trade that was the only reason he needed.

Compliments of John Howard's second profligate era; Australia had a housing bubble almost as big as that in Europe and the USA. Private indebtedness had rocketed to ~160% of disposable income and business was reeling because of global consumer pessimism.

Rudd's inspired action in returning $900 of taxpayers own hard earned money to them saved the bacon of many people who'd maxed out their credit cards and about to default.

If they'd defaulted our banks would have been in deep doggie doo! Even Rudd's bank guarantee may have been unable to save them.

As for the sovereign risk issue; at ~20% GDP, very low inflation and with a record low OCR, Australia is better placed than almost any other developed nation. That's why we now have a AAA rating from all major ratings agencies and a major factor in the rise and rise of $Ozzie.