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Australia may be a harder example to follow. S&P removed Australia's AAA in 1986 and only gave it back 17 years later.
During that time Canberra adhered to strict budgetary discipline and even capped its debt, measured in Australian dollars, in 1997.
It also benefited from rapid growth and a broad transformation of its economy, modernizing its financial system and deregulating uncompetitive sectors. Meanwhile demand from a resurgent China drove a boom in the Australian mining industry.
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