Category: Economic Policy

The economic crisis a complacent Australia has to have

In 1990, upon hearing that Australia had recorded two quarters of negative growth, Paul Keating argued that it was the “recession that Australia had to have”. The point was that the crisis was an outcome of changes that would set Australia up for the future. Today, Australians’ lack an appetite for reform, despite change needing to a constant and ongoing process. Economic crisis provides a window of opportunity for reform. Author Sean Barry asks is that what Australia will now require, “a crisis we need to have”, so a new economic narrative can be constructed and much-needed reform can occur?