Poor white trash becomes national treasure

Paul Keating was right when he said Australia had to have the 1990 recession – the fall in unemployment and inflation and the rise in real wages have culminated in economic success that speaks for itself.

It was 22 years ago today that Treasurer Paul Keating said Australia is in recession and that "this is a recession that Australia had to have”. He was commenting on the national accounts data that had been released earlier that day, which showed a thumping 1.6 per cent fall in GDP in the September quarter of 1990.

Keating was right.

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