Sir--You waxed lyrical about Australia's 15 years of continuous economic growth. However, you gloss over the fact that Australia's external imbalances have never been larger, even at a time when international commodity prices are booming and China is expanding rapidly. You also failed to note that Australia's housing bubble and consumer over-indebtedness make the United States look like a paragon of frugality. A more balanced view might have asked what happens to Australia when commodity prices ebb and when China's investment bubble bursts?

Desmond Lachman is a resident fellow at AEI.