Conan as a librarian you would know that the largess came from the China/India economic surge. You would also know that the current downturn worldwide is due to the failure of a government similar to Howard's Liberals (The US Republicans). They deregulated the financial system and have wreaked ruin not only to the USA but created hardship around the world. So the USA is in recession and as a consequence demand for Chinese goods will abate meaning a lessening of demand for Australian resources. As a consequence stock market values have dropped substantially in OZ and everyone is tightening their belt. The banks are shedding staff and companies are going to the wall. That's the fragile legacy left by the previous government. Our reliance on the China effect and on the USA made us too vulnerable. Also it is disengenuine to say because there is a new government we now face the prospect of a deficit. The current government will do what it can avoid that eventuality but if it does occur it emphasises that the previous government with the benefit of years of unprecedented growth and demand of our resources by China did not do enough to insulate us into the future. People in OZ will not be fooled. They realise that if the bastion of Liberal type conservative policies the republican USA was brought to the brink of ruin by their policies they will not blame this global phenomenon on the current government. Rather they will judge the government on the way they handle the emergency created by the USA.
