The last time Australia suffered a recession, the Soviet Union still existed and the internet did not. An American-led force had just liberated Kuwait, and almost half the world's current population had not yet been born. Unlike most of its region, Australia was left unscathed by the Asian crash of 1997. Unlike most of the developed world, it shrugged off the global financial crisis, and unlike most commodity-exporting countries, it weathered the resources bust, too. No other rich country has ever managed to grow so steadily for so long (see chart 1 on next page). By that measure, at least, Australia boasts the world's most successful economy.
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