Australia needs to think bust

AS a trading nation, Australia's prosperity relies upon our international competitiveness. The key for us is productivity. We need to be more efficient in both our public and private sectors so that we can produce more and innovate faster, at lower cost. We need skilled people across the board. The good news is that, relative to other OECD economies, Australia is well placed. We were fortunate to enter this slowdown with a strong banking system, our strong export ties to Asia - China and Japan particularly - and a national budget surplus.

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