A decade ago former Liberal treasurer Peter Costello hosted an international meeting of finance ministers at a Gold Coast resort.
The Asia Pacific Economic Cooperation gathering was held at a time of increased volatility in global financial markets as a result of a default crisis in the US mortgage market, triggered by a downturn in the housing market.
Attending the 2007 Coolum meeting, then US deputy treasury secretary Robert Kimmitt said the market "adjustment" and softness in the housing market would take some quarters to work through but it would happen in an "orderly fashion" because of the health US financial system and the economy.
Kimmitt was clearly attempting to soothe worried investors, but his comments couldn't have proved more wrong.
It was a mere glimmer of what was to come.
So-called sub-prime mortgage-backed securities that had grown like wildfire in the US were found to be virtually worthless, despite a top-tier rating from global credit rating agencies, and trillions of dollars were lost.
While it was initially viewed as a US problem, it morphed into the global financial crisis that became everybody's problem.
The ramifications of the GFC and subsequent worst global recession since the Great Depression still lingers today.
Former Labor treasurer Wayne Swan was at the helm when the crisis really blew up with the collapse of global investment bank giant Lehman Brothers in late 2008 and the subsequent domino effect across the US and Europe.
Swan introduced a $10 billion stimulus package soon after and a further $42 billion initiative in early 2009, actions that wiped out Costello's predicted budget surpluses and drew a hostile response from the coalition, a row that continues even now.
But Swan is adamant it was the right decision and the reason why Australia was one of only a couple of economies to avoid a recession.
He dismisses the coalition's view China and Australia's mining sector were our saviours.
"Australia came through the GFC by choice, not by chance," Swan told the National Press Club in Canberra last week.
If you believed the conservative narrative that "laissez faire" would have seen Australia through the crisis, then the next economic crisis will result in "mass bankruptcies, mass unemployment, and mass human misery".
Swan has just toured Australia with former British Labour MP Ed Balls, describing their experiences during the GFC, but more importantly, what impact it is still having.
Balls, a former economic secretary to the UK Treasury, says the aftermath of the GFC unleashed a period of slow economic growth, wage stagnation and rising inequality in many developed countries.
It has also seen a very difficult 10 years for politicians and governments, where instability has resulted in the populism of Brexit and Trump.
Balls believes a set of long-standing assumptions were torn up by the GFC.
A sound approach to monetary and fiscal policy was seen as the best way to ensure economic stability, but the GFC showed it was tough regulation that was missing.
Globalisation and technological change were supposed to leave the middle classes better off when instead wages and employment have fallen for this demographic.
"The issue has been people on the highest incomes have seen their incomes shoot ahead, while people in the middle have seen their wages stagnate as well as people at the bottom," Balls says.
He said there was no point keeping your head down and waiting for things to go back to where they were before, or swinging to nationalism and inward-looking populist solutions that will only end in "catastrophe".
Governments have to find ways to make their economies fairer, increase the earning power of low and middle-income earners, and improve tax, welfare and education systems.
"We can only do this by international cooperation," Ball says.
"If we turn away from the global economy, we will be cutting off our nose to spite our face."
Interestingly, that Costello meeting ended with the former treasurer boasting about getting China and other APEC members on board to tackle climate change through market-based solutions.
It definitely was a different era.