Australia is undoubtedly a lucky country

Comments on Mumble blog “Australia’s miracle economy: fact or fiction?”, 16/05/2011, http://blogs.theaustralian.news.com.au/mumble/index.php/theaustralian/comments/australias_miracle_economy_fact_or_fiction/

While the points could be regarded as well made, it would be more helpful to or clearer to readers if a table showing period averages for the three countries were presented.

Secondly, while worldwide forces affect many countries, the charts, particularly the budget balance one, do show that Australia has been lucky due to the mining boom, so has been Canada. Improved and higher terms of trade helped to achieve better budget outcomes in both countries.

Thirdly, the chart with employment shows Australia benefited more than Canada, due to labour shortage as a result of the mining boom.

In contrast, Britain has not got this luck. And it is still struggling in the wake of the GFC, while we Australians are riding on another mining boom as commodity prices rise through the roof again and even higher!