Our current account deficit, the shortfall between our international spending and earning, has been sitting at around 9% of GDP, far more than the economy is growing. It makes our economy risky. If countries like us don't change early, then eventually change is forced, the impact is always unfair, and the politics become unstable.

What happens when we keep spending more than we earn is that our national debt keeps growing. We can pay off this debt by earning more, which takes time, or by cutting our living standard so that we buy less from overseas, we could sell assets, or we could borrow anew and effectively use the overdraft to pay down the Visa.

We have mainly been doing the last two. This is why our runways are maintained for private jets bringing in buyers to pick off choice land, profitable companies – and airports.

Josie's column is here.