Federal election 2016: voters follow European equals in delusion, by Henry Ergas.

Gripped in an uneasy mix of complacency and exasperation, the electorate increasingly resembles its European counterparts. ­Inured to budget deficits, it shows little sign of fearing a deteriorating fiscal position, much less of being willing to make the sacrifices ­restoring fiscal sustainability would require. …

Labor’s predicament in that ­respect is obvious: not having ­expected to succeed, it made promises it cannot possibly ­deliver. But the Greens and independents are sure to hold it to those promises and more if they are to support Bill Shorten as prime minister. …

But however tempting Australians may find the soft illusion that happiness can be purchased with wishes, economic realities are not so forgiving. If global bond yields are at unparalleled lows, it is not because investors are breezily confident: rather, it is because they judge the international outlook to be so dismal, and in any event so fragile, that central banks will have to continue flooding markets with liquidity. In a world economy poised to weaken, leaving our structural problems unaddressed would be irresponsible.

The world is on the verge of dealing with the huge debt build up left by the bubble from 1982 to 2008. This is not going to be pretty anywhere, but  int Australia our politicians are unwilling to even acknowledge the problem, let alone take preventative action. Seat belts please.