Article: Surf's Up Down Under
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Surf's Up Down Under
Lucky?
This lucky country?s economy is on a record-breaking 14-year roll. The big question: Will it continue?
Just imagine: From a few convicts dropped ashore in 1788, Australia has developed into a first-class global economy. The reforms enacted by former Prime Minister Bob Hawke and Treasurer Paul Keating during the 1980s set the stage for a remarkable run of prosperity. Specifically, they slashed import tariffs, floated the currency and reduced the power of big labor. The current prime minister, John Howard, who has been elected four times, has continued and expanded these reforms riding a wave of economic growth ? 14 years of uninterrupted 4% to 5% growth.
The national debt has been virtually eliminated, the currency is strong, the govern...
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