The Lucky Country's Luck About to Run O…

"The poor white trash of Asia." It is some 30 years since a typically arrogant Lee Kuan Yew wrote off Australians with these derisory words. It has been nearly three decades of developments which have seen Australia confound such critics: The major economic reforms of the 1980s that opened up the economy and undermined old businesses and union power centers; a high level of immigration from all corners of the world, particularly middle-class Asia (not least large numbers from Singapore), which spurred the economy and enabled Australia live down a racist past. Most recently, Australia has enjoyed a seven-year economic boom, barely touched by the global financial crisis, outstripping almost all OECD countries as capital flowed in and the nation hitched its export wagon to China's growth.

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