The Australian economy is really quite fragile - we have a debt-laden financial and household sector that could unravel very quickly if our export earnings decline.
The foreign currency we earn from mining helps to cover a yawning Net Income Deficit - more than $43 billion net (largely securitised mortgage payments) was sent overseas in CY 2009. With around $800 billion in net foreign debt (and rising) could make Greece look like a morning picnic if the cards don't fall Australia's way.
Rudd is playing with fire.
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