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AUSTRALIA IS CURRENTLY "defying the world recession". This is a result of past economic reform--much of this initiated by the Hawke-Keating Labor governments. But our chronically weak dollar is a clear sign that the global investment community thinks our economic prospects are dim. Another surge of economic reform is needed to maintain economic momentum and to again make Australia an attractive place for investment.
Australia has become more internationally competitive in many respects--strong productivity growth and low inflation being the best indicators. There has been a massive temporary boost to our competitiveness from a low dollar, which is the mainn ...