The economic crisis in the US is big news in Australia. We're hearing all of the stories of pending doom and gloom. For the moment, the storyline in Australia is that we're well-insulated from any international economic crisis.
In fact, our state of Western Australia, more than any other Aussie state, is benefiting hugely from China's demand for resources, especially iron ore. This week our WA Chamber of Commerce reported that our state's economy continues to "run hot". As much as they are watching from here the trends in the US economy, the economic future in WA will be more dependent on how China responds to the current challenges in world markets.
A recent CNN story claims that the insulation is due to fewer sub-prime mortgages, heavily regulated banks, and China's demand for Australia's mineral resources. CNN quoted an Australian news reporter as saying, "'If you want to be anywhere in the world at the moment, it's Australia." If that's true, it's fine with us.