Despite increased terms of trade that have helped fuel our income even while the rest of the world struggles, we have kept our heads.

The high dollar certainly has helped in this regard - allowing us to spend but seeing the prices of imports deflated, and not fuelling a break out of inflation such as was seen in 2006-08. The Government should also get credit for keeping a budget deficit that has essentially kept the economy in balance. The Government might have been aiming for a surplus this year, but we’re all benefitting from them not achieving it.

This different consumption approach poses challenges for businesses - especially those in retail - but it is good news for the future. It suggests growth in wealth going forward will be based less on property bubbles and borrowing, and more on production.

We have changed our habits completely, and with it our economy has also undergone massive change. Our steadily renewed confidence suggests we might be finally getting used to it.

Greg Jericho writes weekly for The Drum. His blog can be found here. View his full profile here.

http://www.abc.net.au/unleashed/4582082.html

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maureen :

21 Mar 2013 8:31:29am

Why isn't that there is hardly any comment about the statement made by Tony Abbott in question time yesterday about "the GFC has been over for 4years".

It is unbelievable that this man could make such a comment. It was only last year that the share market was at its lowest. I lost money and so did many other small investors. What cloud is he living on. We don't hear anything or any questions asked by journalist to Tony Abbott about any of his remarks.

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TONY ABBOTT IS AN IDDIOTT...

TODAY’S HORRIFIC opinion polling for Tony Abbott has forced moves to replace him as federal Opposition leader.

“We have no choice,” a prominent Coalition powerbroker told journalists in a private backgrounder. “We must act now. Going to an election with Tony would be suicide.”

Newspoll today shows Abbott’s personal approval still only 39 per cent, despite having risen 11 points since December.

This continues the run of negative poll results since Abbott narrowly beat Malcolm Turnbull for the Liberal Party leadership in 2009. That vote was 42 – 41.

Turnbull’s approval remains above 60 per cent.

“Tony’s numbers are disastrous,” a senior Liberal Party strategist admitted. “Never been above 40 per cent. And that’s with all the media constantly pumping him and bagging Julia.”

The strategist concedes that on current polling the Government would win the September election if Abbott remains Opposition leader. “Keating won in 1993 from a worse position than Gillard’s now,” he said. “And the little lying rodent won in 2001 from even further behind.”

http://www.independentaustralia.net/2013/politics/libs-move-to-axe-abbott-after-poll-shock/

Clever! ahahahahahahahahaha!!!