Subprime agriculture, and Australia??

Mark McGovern

Economic Analysis and Policy, 2014, vol. 44, issue 3, 243-258

Abstract: Today, Australian agriculture is not where we hoped it would be. Despite being highly productive and the nationùs only østrongly competitive industryù, it is struggling across the country. There are successes, as there always will be, but the bulk of our food and fibre production is from enterprises with minimal profitability and unstable or unsound finances. A debt-deflation spiral and subprime mortgage crisis are now being fuelled by property fire sales while leading bankers proclaim no problem and governments dance at the edges. However, it is not just the bush that has problems. National economic conditions are deteriorating with per capita incomes falling and real interest rates still high. Well-informed policy strategies and effective responses are needed quickly if Australians are to avoid needless losses of capacity and wealth destruction in the cities and the bush.

Date: 2014
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