Australia has been on a 45 year private debt binge that has reached unsustainable levels and can’t help but end badly. The situation has been caused by the innate nature of finance, especially in a deregulated environment, and the Australian obsession with housing — in particular, speculation on house prices.
Steve Keen‘s ‘Deeper in Debt: Australia’s addiction to borrowed money‘ uses clear and accessible language to explain the dynamics of debt accumulation and detail the statistical evidence for the current crisis. Steve outlines the probable economic consequences of the end of the debt binge, offers advice on how to cope with the debt hangover, and proposes reforms to prevent it happening again.
The paper will be launched at the Sydney Mechanics School of Arts in the Sydney CBD (L1, 280 Pitt St) at 12:00 on Tuesday 18 September. CPD fellow Steve Keen and director Miriam Lyons will be joined by Michael McNamara, general manager of Australian Property Monitors.