The American Enterprise

Australia booms with economic freedom.(the Overseas Economist)

The good times keep rolling Down Under. Australia is now in its fourteenth year of uninterrupted vigorous growth, outperforming other major developed economies. Unemployment has come down to a 28-year low of 5.1 percent today from almost 11 percent in 1992, and inflation has steadfastly remained at 2 to 3 percent since the early 1990s. The stock market is at record-breaking levels.

That Australia has been growing at a little less that 4 percent per year since the early 1990s is all the more remarkable when you consider that its farm sector has suffered its worst drought in a century. Australia's major trading partners, moreover, have faced serious downturns in recent times: Japan has remained mired in recession for more than a decade; East Asia experienced a financial crisis in 1997-98; and the U. …

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