Many of the lessons of the Asian financial crisis remain relevant today. First, beware of asset bubbles, as they have a habit of bursting. Another is that governments need to control spending and pursue prudent economic development policies.

Prudent is not a word that springs to mind with the Covid splurge. As Georg Hegel once said: The greatest lesson history teaches us is ... we don't learn the lesson.

Immigration in Aus is somewhat different. They've long since throttled refugee arrivals, but well-heeled immigration is going through the roof, including half a million this year alone. At that level, it becomes economically addictive. A professional arriving in Aus needs to buy 'one with the lot' - a house, a car, furniture, insurance, everything - this keeps pumping money into the economy & inflating prices. It's become an easy 'go-to' to stimulate spending but it doesn't really produce anything in terms of exports - most of these professionals are service industry - doctors, lawyers, financial workers.