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returning to where we were is nowhere near good enough

  • Written by Ross Garnaut, Professorial Research Fellow in Economics, University of Melbourne
returning to where we were is nowhere near good enoughDmytro Larin/Shutterstock

Talk about returning the economy to normal after the crisis is misguided. Before the crisis, normal was nowhere near good enough.

Australia did indeed manage to go 28 years without a commonly-defined recession. But the expansion had three distinct stages.

The first, from the end of the early 1990s recession to the early...

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