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    Credit Code Red: how financial deregulation and world instability are exposing Australia to economic catastrophe
    Unavailable
    Credit Code Red: how financial deregulation and world instability are exposing Australia to economic catastrophe
    Unavailable
    Credit Code Red: how financial deregulation and world instability are exposing Australia to economic catastrophe
    Ebook216 pages3 hours

    Credit Code Red: how financial deregulation and world instability are exposing Australia to economic catastrophe

    By Peter Brain and Ian Manning

    ()

    Currently unavailable

    Currently unavailable

    About this ebook

    Australia has been the lucky country for a long time. First it rode off the sheep’s back. Then it became a quarry for emerging economies. It deregulated its financial sector, abandoned manufacturing, rode an apparently endless urban-land boom, and has gone more than 25 years without a recession. But is Australia’s luck about to run out?

    Brain and Manning, two of the country’s highly experienced economic analysts, argue that Australia’s prosperity has been bought by borrowing from its future — specifically, by borrowing too much, for the wrong assets, and from the wrong lenders. Using international and local indicators to measure economic danger signs, they warn that, if current policies are not altered, the country will be at extreme risk of an economic calamity. Due to Australia’s high and increasing levels of household debt, foreign debt, and low foreign-exchange reserves, the country will enter what they call a Code Red zone. Once that happens, it is highly unlikely that Australia will be able to avoid, at best, a severe and prolonged recession, or, at worst, an economic catastrophe.

    Credit Code Red proposes alternative courses of action for the authorities to take, which involve reducing disposable incomes and imports, re-regulating the financial sector, and abandoning neo-liberal economic theory. It is a timely warning that what is politically unrealistic today may soon become too little, too late.

    LanguageEnglish
    PublisherScribe Publications
    Release dateJul 17, 2017
    ISBN9781925548495
    Unavailable
    Credit Code Red: how financial deregulation and world instability are exposing Australia to economic catastrophe
    Author

    Peter Brain

    Peter Brain’s doctoral degree, completed at the University of New South Wales, was a pioneering analysis of the National Accounts statistics then becoming available in time series. In 1973, he was appointed to head the Econometric Forecasting Project at the Melbourne University Institute of Applied Economic and Social Research . After graduation from the University of Melbourne, Ian Manning taught at one of the affiliated colleges of the University of Madras, India, specialising in the economics of banking. He returned to the Australian National University to complete a doctorate on the economics of town planning, and then worked on social-security policy for the National Inquiry into Poverty. In 1980, he joined the staff at the Melbourne Institute. In 1984, Peter left Melbourne University to found the National Institute of Economic and Industry Research (now known as National Economics). Ian joined him a year later. For the past thirty years and more, they have both collaborated and worked independently on projects covering all aspects of the Australian economy, its industries, its regions, and its people.

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