Australian Economy - Foreign Debt

Essay specific features

 

Issue:

Miscellaneous

 

Written by:

John M

 

Date added:

January 24, 2014

 

Level:

University

 

Grade:

A

 

No of pages / words:

3 / 677

 

Was viewed:

4997 times

 

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Essay content:

The painful truth is that a good part, if not most, of that capital inflow was wasted and the previous labour government was to blame. Foreign debt now stands at about 51 per cent of GDP. It is claimed by some that Australia has been forced to finance this debt by selling off the farm, and this is largely the fault of the private sector borrowing...
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This is economic nonsense. The 1980s saw the money supply spin out of control; at one point monetary growth was averaging 25 per cent a year. (In 2001 the present government allowed M1 to explode by 22 per cent and deposits by 25 per cent). As any classical economist ? a much maligned breed ? would have warned, the results were rising interest rates and rising current account deficits...
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