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With the right combination of ambition and ability, success is open to Australians from any background, while Australia's dynamic meritocracy is one of the most socially mobile in the industrialised world.
Perhaps it is time, however, to ask whether the Reserve Bank – like the Fed – could do better when it comes to acting consistently with the rule of law.
PNG has not only had to suppress inflation through a return to decent fiscal policy but, like in Thatcher's Britain, deal with the overbearing political influence of trade unions.
The bank faces an acute dilemma, however, due to its failure to acknowledge (or perhaps failure to accept) that monetary policy cannot serve two masters.
The number of long term Newstart recipients, those who have received unemployment benefits for more than 12 months, is increasing at a higher rate than the number of short term job seekers.
Australia's Prime Minister has just delivered a speech similar to that of most of her counterparts across the globe. Though with notably brighter news.
