Luckily we had Labor who dealt with it very effectively, and brought praise from economists worldwide.
Oh really? Do you just make this stuff up?
What did Australia's geniuses in the Labor Party do that was so different to any other developed country? It is well understood that they inherited a much more stable economy than most, if not all, and that we were better insulated than other countries from the sub-prime issues. The USA under Obama proposed federal spending of around $1 trillion in an attempt to improve the state of their financial crisis.
Maybe our secret weapon was pink batts, or maybe the $900 ($12b) allocation to Harvey Norman or the pokies, or the lavish school building project. Or was it cash for clunkers?
