OECD forecasted that Australia may be one of the few developed economies that could avoid a recession despite the onslaught of the global economic crisis.
While no country is Australia safely shielded from the global economic crunch, Australia seem to keeping afloat for the time being with proactive government spending and handouts.
Australia is naturally endowed with mineral wealth, rainforests, clean air, beautiful coast, marine riches, and much more. However, extractive resources are finite and agricultural is highly dependent on erratic weather conditions and demand from importers in China which is also facing a slowdown.
The bottomline lies in the resilience of the people to overcome hurdles and emerge stronger. The financial meltdown is unfortunate but presents opportunities, a wakeup call to address inadequacies, albeit belatedly.
Rarely since WWII have nations seriously undertaken actions to coordinate and implement fiscal and monetary reforms. They are likely to emerge more robust in the coming years.
Will Australia pull through easily? PM Rudd has deviated from previous Labor leadership who gave in to union demands and is not quite the pragmatist who would entertain business lobbyists. Planning is crucial, something which many former Australian leaders had taken for granted and could not galvanise the cabinet and parliamentarians to implement the necessary antidote.
In the meantime, everyone has to brace ourselves for some hardship. It may be an opportune time for Generation Y to appreciate the value of savings, cut down on extravagance, act more responsibly and realise that the good times will not roll on uninterrupted.
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