Australia’s Foreign Debt: A Business Economist’s View

J.D.S. Macleod
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J.D.S. Macleod: CRA Melbourne

Economic Analysis and Policy, 1990, vol. 20, issue 1, 1-16

Abstract: Australia’s level of external indebtedness is a matter of concern, because its consequences are not confined to the existing borrowers but apply to all potential borrowers and, through them, to all Australians. As previous experiences in both Australia and other countries have shown, supplies of foreign lending can dry up quickly, necessitating abrupt and costly adjustments. Therefore, the immediate priority of policy should be to preserve Australia’s access to world capital markets. In the longer term, the problem could only be resolved through lower inflation, greater productivity growth and improved international competitiveness.

Date: 1990
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