Australia's monetary motor is spluttering and the surplus is miles away

By Peter Hartcher
Updated April 25 2015 - 11:08am, first published March 21 2015 - 11:30am
<i>Illustration: Rocco Fazzari.</i>
<i>Illustration: Rocco Fazzari.</i>
Problem solving: Prime Minister Tony Abbott and Treasurer Joe Hockey must realise there are no laurels to rest on.  Photo: Andrew Meares
Problem solving: Prime Minister Tony Abbott and Treasurer Joe Hockey must realise there are no laurels to rest on. Photo: Andrew Meares

Australia, the standout success story of the world economy for the past couple of decades, is in the very act of abandoning its exceptionalism. It is, day by day, surrendering ambition. The country's problem-solving system – otherwise known as national politics – has collapsed. It has degenerated into a self-absorbed parlour game. A country can indulge those petty impulses for a while at little real cost. But that grace period is now expiring. The portents are poor.

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