Australians used to call themselves "the lucky country," after the title of a 1960s' best-seller saying how farming wealth had allowed Australia to create a stable, prosperous and fairly egalitarian society.
But today's minerals wealth seems to have worked in reverse, to create a nation prone to quick fixes, whimsical political changes, flip-flop foreign policies and crazy economic strategies. From the sober lucky country we move to the feckless happy-go-lucky country.
For example, Australia's economy has long depended heavily on minerals exports to China. But Canberra is still so caught up in its long-festering anti-China fears that it is now offering Washington the bases and other cooperation needed for U.S. anti-China military strategies. And it is busy creating close military links with a Japan also now girding up for future confrontations with China. Despite these moves it tries to insist that they will not harm its heavy resource reliance on China.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.