, Columnist
Why Can’t Australia Just Be Normal?
There have been ups and downs in this long run without recession, and they are starting to accumulate.
It’s not all blue sky.
Photographer: Brendon Thorne/BloombergThis article is for subscribers only.
Time to liberate Australia's economy. It needs to be freed from folklore that’s built up around the 27-year stretch sans recession.
The reality is that the expansion waxed and waned during that period. Business cycles aren't dead Down Under, despite Federal Reserve Chairman Jerome Powell's only half-joking proposition in November that they are defunct in Australia.