Author

Nigel Lake

Title

Australia Dreaming

Synopsis

In 1989, I moved to London. The 1987 crash was fresh in people’s memories, and financial markets and the business sector were subdued. Jobs for life were still the norm, but the outlook was uncertain. At the time, Australia’s GDP was US$0.3 trillion, about 32% the size of the UK (using historic exchange rates). It was a romantic holiday destination, famous for Uluru, the Barrier Reef and kangaroos, but it was far from a significant world power, least of all in the minds of its population and leaders. Australia had punched above its weight in the 1983 America’s Cup, ending 132 years of American dominance and the longest winning streak in any competition, and had had numerous successes in other sports. But economically, it was still viewed as “just another of the colonies”, even if such a term was already anachronous at the time.