Classic film fans will recall the Peter Sellers comedy classic, “The Mouse That Roared.” In it, a backwater country long overlooked decides to enter the global stage by declaring war on the United States. This Duchy quickly becomes the centre of attention – and adventure. And of course because Peter Sellers is centre stage – in roles as diverse as a senior Minister to the Dowager Empress – the laughs are plentiful. (Trivia Note: This is Peter Sellers’ first film role and was released in 1959.)

Australia pulled off a global roar this week – it was the first developed country to raise interest rates, with a 0.25% increase by the Reserve Bank on Tuesday. The news sent stocks, gold and the Australian dollar soaring. More than $260 billion of wealth was returned to the Australian Stock Exchange on Wednesday.

Like many proud nationals, Australians love it when their country makes global news. Today’s “The Australian” features a front page from America inspired by our rate move. “The Wall Street Journal” led with the story, ‘Recovery Hopes Stir Markets’.

All this good news makes many nervous. The Reserve Bank signalled this was the first rate rise – and not the last. Forecasts call for three more similar rises in the coming months. What concerns some is the rises could be too soon in the recovery cycle – and in the midst of continued government incentives. (Note to self: Buy a new car before 31 December for the business and claim 50% tax deduction for the purchase.)

Whether the rate rises are early or well-timed, it does signal that, for Australia, the worst of the economic shocks are over. This country never entered recession and kept unemployment figures low. The government is credited with smart and quick market interventions. And of the ten most secure banks in the world, four are located in Australia.

So it’s time to dust off the “Money Come Kitty” and return to work – and hopefully the lucky cat will wave in lots more business.