The Crisis Down Under
Australia had the shortest and shallowest of recessions of the advanced industrial countries, thanks to one of the best-designed Keynesian stimulus packages in the world. But that hasn't stopped opponents from focusing needlessly on inefficient spending, and on the fiscal deficit that the downturn and the government’s response created.
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CANBERRA – The Great Recession of 2008 reached the farthest corners of the earth. Here in Australia, they refer to it as the GFC – the global financial crisis.