November 17th 2018


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Articles from this issue:

COVER STORY An election-winning policy: a development bank for Australia

VICTORIAN ELECTION The left gets ready to scream 'haters!'

CANBERRA OBSERVED Nats fracas points up need for vigilance

NATIONAL AFFAIRS Divisions undermine Morrison's leadership

SOCIETY UNDER THREAT The time is now for a real deal for the family

NCC SYDNEY DINNER Speakers spark keenness for a challenging 2019

NORTHERN DEVELOPMENT Aborigines hope to benefit in Kimberley development

CLIMATE CHANGE Rising sea levels? Pacific island data says 'no'

ROYAL COMMISSION Big banks shaken and stirred in their swamp

U.S. HISTORY Slavery: a yet unresolved legacy

INTERNATIONAL AFFAIRS The U.S. and China: more than trade is at stake

SOCIETY UNDER THREAT Partisan divide must vanish for defence of civilisational foundation: Christianity

MUSIC ABBA live: just not in person or on stage

CINEMA Coco: Family and home trump 'identity'

BOOK REVIEW Remnant hopes for post-Brexit Britain

BOOK REVIEW The Great War, raw and uncensored

HUMOUR A few more snippets from Forget's Dictionary of Inaccurate Facts, Furphys and Falsehoods

POETRY

LETTERS

Books promotion page

CREDIT CODE RED:
How Financial Deregulation and World Instability Are Exposing Australia to Economic Catastrophe

by Peter Brain and Ian Manning

$29.99


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About the book

Australia has been the lucky country for a long time. 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.

“A terrific book that provides the big-picture economic alternative we have been searching for.” – Brian Howe, former deputy prime minister

About the authors

Peter Brain was formerly head of the Econometric Forecasting Project at Melbourne University. In 1984 he founded the National Institute of Economic and Industry Research (NIEIR). Ian Manning has worked for the National Inquiry into Poverty and at the Melbourne Institute. He joined Brain at NIEIR in 1985. For over 30 years, they have worked on projects covering all aspects of the Australian economy, its industries, regions, and people.


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