$60 Billion Budget Gap: The Lucky Country’s Luck Is About to Run Out, Says Economist

The Labor government has wasted opportunities, which will result in a budget shortfall $20 billion worse than Treasury predictions, Chris Richardson warns.

Visitors spend their morning under a large tree at Bradleys Head in Sydney, overlooking the Opera House on Nov. 3, 2024. SAEED KHAN/AFP via Getty Images

Ironically, in his book, Australia was first called “the lucky country” in 1964 by author Donald Horne. It is ironic because his title was intended as a warning: Australia’s political and business leaders were mediocre, but the nation somehow managed to coast along on good luck.

Instead, the country unofficially adopted the book’s title as its national slogan, ignoring its contents.