Fortune won't cut it for the lucky country

Below the fears over global markets and China's resources demand, there's a raft of less obvious signals Australia's luck has run out. It's time to start relying on brains instead.

In the last few weeks it has become clear that Australia is no longer the so-called "lucky country”. It's not that we are about to collapse but our luck has run out – longer term we are going to have to be much smarter.

Of course there are those in Canberra who believe that there is more good luck ahead, usually in the form of another China-led boom that boosts commodity prices.

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