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Aug 5, 2010 Joseph E. Stiglitz

CANBERRA – Velká recese z roku 2008 dosáhla i do nejvzdálenějších koutů zeměkoule. Tady v Austrálii jí říkají „GFC“ – „globální finanční krize“.

Kevin Rudd, jenž byl v době vypuknutí krize premiérem, sestavil jeden z nejlépe koncipovaných keynesiánských stimulačních balíků ze všech zemí světa. Uvědomil si, že je důležité jednat včas a s pomocí peněz, které se utratí rychle, ale že současně existuje riziko, že krize hned tak nepomine. První část stimulu proto měla podobu hotovostních grantů, po nichž následovaly investice, jejichž realizace trvá déle.

Ruddův stimul zabral: v Austrálii byla recese nejkratší a nejmírnější ze všech rozvinutých průmyslových zemí. Pozornost se však paradoxně zaměřila na fakt, že některé investiční prostředky se neutratily tak dobře, jak se utratit mohly, a také na fiskální deficit způsobený poklesem a reakcí vlády.

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Mark Vella Jan 25, 2014

Like most western countries, Australia is spending itself into oblivion. Tax competition is holding governments accountable to their net tax payers, rather than pandering to the whims of the masses, most of whom don't make a net contribution their entire lives. The transition has been difficult for governments, who have just accumulated debt in an attempt to retain and buy votes.

Where does that leave us now? Well left wing economic politics has started to disintegrate, a political concept that required other peoples money to prosper, no longer can just take without consequence.
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Robert Sugden Sep 4, 2013

Yes 90 billion in the piggy bank that maybe should have been used for investment in infrastructure etc. Yes 90 billion in the piggy bank that resulted from one of the longest boom periods on the back of the Hawke/Keating Labor govts reforms. 370 billion in debt in today’s money so not comparing apples with apples but let's not go there for now, 370 billion in debt after one of the biggest downturns in history and Australia’s government debt per head of population is one of the lowest in the developed world, with only New Zealand and South Korea below us.
So possibly a non-sensationalised and rational comment might be a better plan Geoff .
- Geoff Walker Sep 17, 2013
  
  If we examine the history of Australian money management, almost ALL labor governments have left huge debts for the libs to pay off. We still haven't got back on track from the disaster left by Whitlam & his mob of wreckers. Remember the old fable of 'The Goose That Laid the Golden Egg?' Labor is the mob wielding the axe!.....Oh, when times are good, shouldn't we all squirrel our money away for a rainy day? I do, so when the storm clouds gather,I'm sitting pretty.
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Geoff Walker Aug 26, 2013

The waste by the government was horrific. School structures costing $50 000 were done for $2 000 000!!! What a ripoff !!The insulation scandal saw 200 homes ablaze and four young Aussies dead. The worst waste of taxpayers' money in our history!! The previous liberal Govt. left 90 BILLION in the piggy bank. Labor will leave with an IOU of 400 BILLION!!! Can't believe that the ratings agencies of Moodys & Standard & Poors are still giving advise.THEY sucked us into this mess when honest Aussie brokers TRUSTED them....LYNCHING:way to go!!
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