I refer specifically to this article in which Andrew Critchlow paints a pretty dire view of the Australian economy.
The line which challenged my priors was:
Just like Saudi Arabia, which is now burning its foreign reserves to compensate for falling oil prices, Australia faces a collapse in export revenue.
This did not match my perception of the Australian economy at all.
What similarities does the Australian economy have with the Saudi economy? Is the comparison fair? In particular, I am interested in structural issues the economies face.
Secondly, is the quoted line accurate? My understanding was that the extraction cost for oil was very low in the gulf and the lower prices served to make other countries unprofitable before it cost them.