Brits looking to move to Australia will be pleased to hear the country is now looked at as an example of how to manage national finances.
According to economist at Macquarie Brian Redican other nations are taking inspiration by the way the Reserve Bank of Australia (RBA) dealt with the country’s housing market, reports Reuters.
By refusing to curb interest rates and talking down the market, the bank managed to stop the economy falling into the now common ‘boom and bust’ cycle.
Mr Redican noted that other countries are looking at the Australian example "as a very positive one and there are some lessons to be learnt from that episode".
Reuters reports that in 2002 the then RBA governor, Ian Macfarlane, actively tried to talk investors out of investing large amounts of cash into the market.
Australia has long been a favoured British expatriate destination. Most recently, people snapped up £10 airfares to the country as part of an initiative run by travel operator STA.