China drove Australia to growth it hadnt seen in decades. Australian property prices kept rising around the country (except for new build mining towns they haven't really stopped) the dollar rose above parity in part because the RBA even had to -lift- rates necause of liquidity thrown into the Au system. Conversely in the US and UK house prices dropped by as much as 80% and cash was king, unless you saw it you wouldnt have believed it. Australians were told how bad it was but frankly had NO idea what was really going on elsewhere. But if you want to believe the biggest mining boom in our history had nothing on school halls, pink batts, the NBN, that lunatic $800 and that Rudd is the messiah and not an ego maniacal fool, go ahead, I'm not stopping you. He's convinced you spending your money to buy himself a UN presence was a good idea so you are certainly far happoer about things monetary than I am. I suffer with concerns about massive debt repayments - the insane USD$250m a WEEK in interest alone Australia throws away compounded by a falling dollar just as China is slowing (despite its own staggering debt binge) and the rest of the world stagnates and drowns in unrepayable debt.
I'd far rather be looking forward to higher taxes, low long term growth, bankruptcies and credit credit contraaction, but unfortunately I find those things a tadge depressing.
Of course the biggest concern I see for world growth (a far more accurate predictor than anything from the Rudd-like apparatchiks in Brussels) is the fact Qf has decided to think about recruiting again. Economists the world over are talented in achieving perfect rear vision. Reliable forward projections of major economic slowdowns are seemingly only achievable with close analysis of Qf pilot recruitment plans.