
Let’s not go bananas over the recovery
It was in 1986 when Paul Keating, then Australia’s Treasurer, made a famous remark: “If this Government cannot get the adjustment, get manufacturing going again, and keep moderate wage outcomes and a sensible economic policy, then Australia is basically done for,” Keating warned on the John Laws radio programme. “We will just end up being a third-rate economy, a banana republic.” In hindsight, Keating might have exaggerated. Read more