Sourceable –
The last time the world was hit by a financial crisis, Australia was saved from the worst aspects of the recession.
The growing Chinese economy plus a healthy government stimulus package saw export demand for our coal and iron ore balance the impact of the GFC on our stock market and on employment. We didn’t even go into recession.
Another important factor was the money that Chinese investors poured into the new apartment building sector. This kept thousands of construction workers in employment along with the associated architects, planners, landscape designers, structural and geotechnical engineers etc. Further, this investment generated stamp duty which was critical in keeping the state governments afloat.
