Australia is caught in a climate spiral. For the past few decades, the arid and affluent country of 25 million has padded out its economy—otherwise dominated by sandy beaches and a bustling service sector—by selling coal to the world. As the East Asian economies have grown, Australia has been all too happy to keep their lights on. Exporting food, fiber, and minerals to Asia has helped Australia achieve three decades of nearly relentless growth: Oz has not had a technical recession, defined as two successive quarters of economic contraction, since July 1991.
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