Here in Australia, where the GFC either never happened or was narrowly averted, depending on whether you read the Murdoch Press or history, we are told we have a “Two Speed Economy”.
Where the mining states of Queensland and Western Australia are generating jobs and wealth and the south-eastern states are lagging behind.
In fact Western Australia, being so big, has its own in-build “Two Speed Economy”. The North is producing huge amounts of wealth, much of which heads straight overseas to assorted foreign shareholders and the agricultural South is suffering a decades-long drought.
Yet nothing is new. I have a habit, as some may have noticed, of reading old newspapers and magazines. This morning I found this little Advertisement in the Perth Sunday Times of 17th May, 1942. In the middle of the Second World War. Seventy years ago!
We are still almost totally dependent on the Mining Industry for our wealth as a State.
And the holes just get bigger and deeper!