Commodity prices generally rose somewhat after the very large falls in late 2008. But of significance for Australia, prices for those resources which serve as the raw materials for steel production in particular have been exceptionally strong. Prices for iron ore and coal rebounded very sharply during 2009 and early 2010.
Any residual fiscal burden on sovereigns would be contained through a federal fiscal backstop. The shift of supervision from the domestic to the European level, at which supranational interests are pursued, should also eliminate national bias and the associated supervisory forbearance that the financial crisis has brought to the fore.