No Major Country Is More Exposed to Banks than Australia
Just when the resource boom has collapsed. And manufacturing too. But at least the housing bubble is still going strong.I have just updated a post from February on Australia’s banking sector.
I feel that a quote from Donald Horne’s 1964 book about Australia; “The Lucky Country” is apposite. He used the word “Lucky” satirically. Here’s the quote:
Australia is a lucky country run mainly by second rate people who share its luck. It lives on other people’s ideas, and, although its ordinary people are adaptable, most of its leaders (in all fields) so lack curiosity about the events that surround them that they are often taken by surprise.