It pains me to have friends visit from America. They’re full of bad news and disparaging comments about the economy. Real bites have been taken out of the workforce, retail sector, manufacturing, home ownership – you name it. And friends from Australia visiting the USA report discouraging signs – “For Rent” – in lots of storefront windows. It seems America is still in the throes of a historic recession.

Down here in sunny Australia we have yet to enter recession. This week the June GDP figures were released. Australia grew at a paltry 0.6% - however it grew. Next week the G20 finance ministers meet in London. Of the 33 developed economies in the world, only one never entered recession. For the next year growth of 3.25 is forecast.

(Back in June 2009 I wrote about first signs of our economy’s incredible performance: Like Keanu, Australia Dodges Recession).

It’s hard to summarise the reasons for this world-beating performance – unless you’re Michael Stutchbury. He’s the Economics Editor of The Australian and today he provides a masterly overview of why we fared so well.

If you want to understand why the nickname “The Lucky Country” still applies today, read this great article: “How We Beat The Recession“.