The GFC was a North Atlantic problem caused by a property market crash in the US. The crash was induced by poor quality loans, to borrowers unable to afford them and certainly not in a position to resume paying normal rates once the low rate honeymoon period expired.
Labor was only able to stave off recession by spending the cash mountain built up by John Howard and Peter Costello, Australia's greatest ever Treasurer.
As I understand Morrison and Frydenberg now have the budget back in balance each month and the next annual budget will be in surplus. How many did Wayne Swann promise and then fail to deliver: 6 out of 6 failures.
