individual,

http://en.wikipedia.org/wiki/Global_financial_crisis_in_September_2008

http://www.abc.net.au/news/2012-12-21/ratings-agencies-affirm-australia-at-aaa/4439802

http://www.smh.com.au/business/sp-affirms-australias-aaa-credit-rating-20130718-2q5yr.html

http://ministers.treasury.gov.au/DisplayDocs.aspx?doc=pressreleases/2013/002.htm&pageID=003&min=cebb&Year=&DocType=

The author is to be applauded for trying to get readers to see the bigger picture.

I wonder if there are any politicians and bureaucrats anywhere with the passion for overseas jaunts of their Australian counterparts?

In a previous life with a global providing consultancy services to private companies but also to departments and agencies, it was not unusual to receive calls from our larger offices overseas concerning impending visits by Australian dignitaries, both politicians and bureaucrats.

It would go along the lines of: "Who are they and why aren't they phoning the partners in Australia (ie the known contacts and better placed to advise them)?".

Just because we were contractors to government in Australia it was imagined that our offices in other countries (the desirable ones for travel visits) would assist in drafting excuses for visits and for providing hospitality and entertainment while the Oz dignitaries where around.

Still, one would always like to be polite and respectful, so someone who could be released was designated to show them the sights, which included a briefing on the company and was usually in 'more convenient' hotel conference space. -You just couldn't have visitors expecting to be show-boated around a busy office and interrupting people with deadlines to meet. I know there were some bottom lips because it was always done very efficiently and professionally, but they appreciated the briefing paper on our latest service that they could show back home as evidence of their visit and research.

I agree with the author and suggest that the ANAO should be set the task of conducting a comprehensive audit across all departments and agencies, of travel and overseas visits, placements and exchanges.

As for the politicians, it appears that they will do what they want to do anyhow. They have more front than a London bus. No review will ever change that, but regularly tipping governments out of office delays some of the worst corruption. It might even remind some that they are supposed to be serving the public.

Poirot,
These links are mere excuses for the excesses of the money market. If there were indeed a global financial crisis as such then a hell of a lot of the rich would not be richer now. I'm afraid you're sucked in by their gobbledeegook. What they claim to be a crisis is nothing more than less than hoped for profit.
If things were that good under the ALP in Australia then why are Australians selling australian soil ? Is it need or is it greed ? Is it smart economics or utterly dumb ? All the links you provide are always from Economists who always proclaim to have such wonderful insight in hindsight. Why aren't they a step ahead ? Because they're full of crap feeding crap to the gullible. When you have nations where hardly anyone produces anything then you have rorting because it has to be rorting because how else do so many get their hands onto so much money whilst there is supposedly a financial crisis. The only crisis is unfair distribution.

Haven't economic forecasters been shown to be rather less accurate than psychics and other shysters?