Dr. Edey wrote: “I am often asked why Australia was able to come through the GFC relatively unscathed. Unlike the US, the UK and the euro area, Australia didn't have a recession and we didn't have any bank failures. My usual response is that it was a mixture of good luck and good management.”
Explain what he means by “a mixture of good luck and good management,” making specific reference to both ad-hoc measures during the GFC and the general approach to financial stability. (max 400 words)