This graphic from GlobeandMail shows the amount of ‘stimulus’ spending in selected G20 countries in dollars and as a proportion of GDP. I have linked to GlobeandMail, but article content is subscription or pay per view.
Australia’s spending is proportionally higher than the US (though not by much), which means the amount of debt incurred for each citizen is higher. Which you would expect to mean a longer recovery.
But in spite of this absurd level of ‘stimulus’ spending, and directionless economic policy by the current Federal government, Australasian Investment Review believes that Australia is better equipped to cope with the global recession than most other advanced nations.
Surely the previous government’s careful economic management and years of surplus budgets wouldn’t have anything to do with that?