I agreed wholeheartedly with the views expressed in this article.

It is a pity that the Coalition front bench have learned nothing about the changes in economic theory that are consequences of Nixon's warranted destruction of the role of gold in money and the move from fixed exchange rates. The Labor Party has failed to explain to the public the consequences of those changes, probably because the leaders accepted the neo-liberal philosophy long after it proved to be in denial of the evidence. Australia needs to shift towards the policies and philosophies of the Scandinavian countries, particularly Denmark, Sweden and Finland, all of which are more egalitarian, and happier more successful communities, than the USA, the Eurozone or Australia.

Hockey often comments on the national debt without understanding that a sovereign government can never go broke over debts in the currency it issues. Howard and Costello ignored the advice of the Reserve Bank from 1998 so that by 2007 there was no Government debt but government owned real assets were substantially lower and private citizens were deeply in debt. That private debt helped make the GFC situation much worse as the private sector struggled to cope with the consequences of those debts, consequences which do not apply to domestic sovereign government debt..

The sovereign government doesn't need to indulge in upper class welfare by borrowing to fund its purchases. If the expenditures are to acquire new needed infrastructure in periods when there is underemployment of people and resources then spending to acquire those infrastructure capital items will not be inflationary.

A sovereign government's main task is to monitor demand in the economy and overcome the variations in the enthusiasms of the worthwhile industries. That sometimes requires the ability to pick winners and competent public servants and ministers are probably at least as good at that as the leaders of individual large businesses.
Think about BHP and the Magna Copper purchase, the direct reduction plant built in WA, or the recent share buy-back history (and the recent history of Rio Tinto).

Notwithstanding the rosie glow of Mr Austin's analysis of Australia's economic credentials, some people (who actually live in Australia) have reported another point of view, as follows:

Boom's $190bn windfall 'wasted'

"AUSTRALIA has squandered nearly all of the $190 billion windfall from the resources boom over the past decade through a raft of unsustainable government spending programs and tax cuts."

By David Uren and Sid Maher
The Australian July 29, 2013 12:00AM
http://www.theaustralian.com.au/national-affairs/booms-190bn-windfall-wasted/story-fn59niix-1226687205325
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Some see the glass mostly empty, but some see the glass overflowing for glossy political purposes. So who are you going to believe?

Cheers all.

Good work Alan; we increasingly rely on the work of free-lance and 'citizen' journalists like yourself.

I think Abbott is a serial liar and that he tried to cover his own lies by coining 'Juliar' when all she did was alter one policy when forced to do so in minority government.

Mainstream media, particularly the '70% Murdoch' newspapers let these porkies go unanswered intentionally because Abbott works for their corporate interests and advertizing customers. Hence I rarely read their papers and when I do it's only to check the latest bullsh-- they're putting around. I get my news and analysis from independent websites and blogs such as this. I've long thought The Australian's 'analysis' from the likes of Ergas and Sheridan to be poorly substantiated opinion. This article of yours would trump anything I've seen them write.

There is no doubt that the capitalists and their stooges in the Coalition are working night and day to help Phoney Tony ease into the P.M.'s chair.

Abbott, who has the riveting personality of a doorknob, puts on his gravitas face and, on cue, his ears flapping like a maddened elephant, recites all his three-word slogans ad nauseum.

Who will save us from the horror of an Abbott win?

Perhaps it's time the Lord sent another flood!

Oh dear oh dear, you've been so quiet recently. Have you not seen labor implode ... again?

Poor old Alan and his Labor cronies are falling in behind the labor strategy of attacking Tony Abbott.

It is expected as they choke on the current New Guinea disgrace of their recycled nutjob leader and the stabbing of their heroine and the departure of all their former front bench heroes.

They choke just like their current saviour (The one they supported dumping sometime ago) when he tried to mouth the words 'Soverign Borders'.

Come on Alan where is your article condemning labours current Asylum Seeker Debacle?

Or is it that you you support their current disgraceful treatment of asylum seekers?

Don't answer by refering to the opposition and John Howard. I bet you can't do that.

Come on Alan where is your article explaining Labours intent to explode the budget black hole .... again ... sigh. Why is your current recycled saviour indulging in spend spend spend and tax tax tax behaviour?

Of course you won't address that either.

Dodge and weave and fudghe Alan. That is what labor does and you are typical of that too.

Your credibility is as shot as labor's.

Alan, you’re such a tragic.

You take Abbotts statements and then apply a variety of qualifiers to each to try to make them meet your criteria of false.

You have scoured the planet to find bits of research and opinion that suits your claims. This is so much like “the worlds greatest treasurer”.

Most in Australia are much smarter than you because we know that you can make any economics look great if you spend what was left in the bank and rack up the rest of the $350 Bn on the nations’ credit card. Simple!

Your observations will appeal to the rusted on’s but you are just a transparent leftie joke.

I think your box of hypocrisy is running low, desperate times eh?

Anyway I give you 5 for persistence, 1 for content and 2 for technique.