August 5, 2026 — 5:00am

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Did you know that Australia has one of the oldest federations in the world? And did you know that this year we are – or should be – celebrating its 125th birthday? Apparently, this is known as its quasquicentenary.

In a recent speech to high school economics students, Dr Steven Kennedy, the former Treasury secretary and now boss of the prime minister’s department, offered a potted history of the economy’s many ups and downs over that time.

I drew two conclusions from his graphs of unemployment, inflation, government…

Read the full article at SMH.COM.AU