[SeekAndFind]

However, the Australian economy’s fundamentals looks OK compared to most other countries.

Debt to GDP ratio is just 30%. Japan’s is a dangerous 208% while ours is already 103%.

Government budget deficit as % of GDP is just 1.5% in 2012 and is projected to shrink to 0.3% in 2013.

By contrast, Japan’s is 8.9% of GDP and projected to increase to 9.5% of GDP.

Ours ( the USA ) is 9.3% of GDP and projected to be 8.3% next year ( depending on which party will be in power ).

See here: http://www.gfmag.com/tools/global-database/economic-data/10395-public-deficit-by-country.html#axzz1vtzQjOvV

[Former Proud Canadian]

It is said that Australia is a country with two products and two customers. The products are iron ore and coal. The customers are Japan and China.

When your product base and your customer base are that small, things could go south in a hurry.