Listening to RBA Governor Glenn Stevens' appearance before the House of Reps Economics Committee earlier today I noted that he made the point that, if anything, Australia is in a better position to weather the current round of global economic uncertainty than it was in 2008/09.
Credit default swap levels show that the the markets agree strongly with Stevens – current 5-year swap levels for Australia are well under half what they were in early '09.
Contrast the situation in many Euro countries like France and (in particular) Spain, where levels are much higher than they were at the height of the GFC. Even the mighty German economy is virtually back to the levels seen back then.
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