Why Australia will survive the commodity slump

The 90 per cent of Australia's economy not based on mining will be glad to see a wealth transfer to households and local business.

It’s not a well-known fact, but a slump in commodity prices has never caused a recession in Australia. With that in mind, we shouldn’t be overly concerned by investment bank analysts who run around saying just this -- they are very wrong. Indeed, amid all the wailing and gnashing of teeth, it strikes me that the commodity drop may even be beneficial.

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