What loans would of been called in? That makes no sense, who is calling in the loans. Does Australia owe debt denominated in some foreign currency? Who is gonna call in the debt?

We didn't go into recession because yes we had china not go into recession that helped, we weren't as indebted as America in a private debt level and could this leverage up more. Lending standards were actually pretty poor as the royal commission found.

I would say the stimulus package helped recovery. It was essentially QE like America but instead of bailing out banks we essentially gave a QE injection to the people. And then kickstarted the second borrowing boom.

I think labour gets too much credit for the recovery. Because all they did was what America did post 2000, use housing as the band-aid fix for flat GDP growth. But to say that the earlier government really did that much is silly. If anything Costello and Howard robbed Australia blind of the wealth of the people and used the bullshit surplus myth to hide it.