[jacques_chester]

Our exceptionalism began before the mining boom. Australia has been growing more or less continuously for decades, in spite of other crises and setbacks. It's a story of sensible reforms being progressively applied with an eye to the long term.

[twelvechairs]

Aside from mining companies (which were still a huge part of Australia's economy before the 'mining boom'), Australia is also flush with other natural resources (farmland, fisheries, petroleum, etc. etc.) in a way that is hugely significant compared to its population. 100 years ago, very few of these could be easily exported. Now, most of them can..

I'm sorry, but I just really dont buy this line that somehow Australia has been much better 'managed' than other countries over a long period. I see very little to support this at all other than extremely vague inferences....

[jacques_chester]

> I see very little to support this at all other than extremely vague inferences....

It's not about vague inferences, it's about clear policy decisions.

1. We floated our currency before that became the norm.

2. We have an open and totally independent central bank which telegraphs its intentions to avoid mysticism.

3. We have very low or no tariffs on almost all trade, including agriculture.

4. Compulsory superannuation means we will not face a pensions crisis in future, unlike almost every other developed economy.

5. A long series of microeconomic reform and deregulation.

6. Low sovereign debt. It got down to zero for a few years. The electorate has no appetite for debt and out debt levels are rounding errors by international standards.

The argument that it's all down to geography is demonstrably false. 100 years ago Australia had the same relative wealth as Argentina. Similar economic profiles, comparable population and so on. Today our countries are very different.

Policies and institutions matter.