Economics
26 Recession-Free Years Hide a Darker Picture for Australia
- Nation slipping on world stage as toxic politics becomes norm
- No reform in almost 20 years leaves growth prospects in doubt
Australia Has Been Recession Free for 26 Years
This article is for subscribers only.
The global crown for the longest stretch of uninterrupted economic growth is within sight for Australia. But it’s limping to the line as policy paralysis weighs on the nation’s prospects.
Twenty-six years without recession have put Australia within two years of overtaking the Netherlands’ record growth streak and government, central bank and economist forecasts all suggest it’ll take the mantle. After all, the economy has a head start with 2.5 percent growth virtually baked in -- 1.5 percent from population gains that are among the developed world’s quickest and 1 percent from resource exports feeding Asia’s giant economies.