Can we talk about the Australian economy for just a moment today? First, some nitpicking. Today’s Australian has a headline that reads, “Credit card debt slows to 13-year low.” That would lead you to believe that something good has happened in the economy. But has it?

We have good news for Australia. Earnings are going up for some companies! Rising resource prices for tangibles like coal, iron ore, and gold should continue to generate earnings growth for Aussie exporters. It’s true that energy costs are rising for Aussie producers and the strong local dollar puts a dent in earnings.