12. October 2010 11:11
We’ve got tough and effective regulators. And we didn’t suffer the financial market excesses of Europe and the US.
But it wasn’t only the strength of our banks. The Reserve Bank of Australia aggressively cut interest rates to emergency levels and the Government immediately put in place powerful fiscal stimulus to support jobs and growth. Our response was quick enough and big enough to not just arrest the decline in confidence, production and spending, but to turn them around.
We would not have done so well, however, without the benefits of the preceding decades of hardfought economic reforms. Reforms that opened our economy, improved the flexibility and efficiency of markets, and deepened linkages with our region.
From a speech entitled "The Australian Success Story", which sets out in broad terms the damage control strategies of the Rudd government and the future plans of the Gillard government. The Treasurer has some interesting things to say about the way forward for the mining industry:
So contrary to some of the debate you might be hearing, what we know is that Australia is about to embark on its biggest mining investment boom since the 1850s Gold Rush. This pushes us to pick up the pace of reform – to make Australia an even more attractive investment destination.