In 1964 the Australian Donald Horne, social critic, wrote a book titled ‘The Lucky Country’ a statement of irony about his beloved home – Australia. He felt that where other countries had earned their prosperity through ingenuity and productivity advancements, Australia’s was largely derived from its abundance of rich natural resources and was run by a second-rate people who were lucky to have a society derived from the British. However, with time Australians have taken on the more optimistic interpretation that their luck has been earned.
The RBA Governor, Glenn Stevens, recently addressed an audience of business leaders with this same title to Horne’s book – The Lucky Country. In his speech he tackles head on the concerns of a minority of observers who harbour concerns about the foundations of recent economic performance and question the basis for confidence about Australia’s future.
