Subprime agriculture, and Australia?

McGovern, Mark (2014) Subprime agriculture, and Australia? Economic Analysis And Policy, 44(3), pp. 243-258.

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Today, Australian agriculture is not where we hoped it would be. Despite being highly productive and the nation's only 'strongly competitive industry', 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.

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ID Code: 78599
Item Type: Journal Article
Refereed: Yes
Keywords: Debt deflation crisis, Agriculture, Australia, Real interest, Australian Reconstruction and Development Board
DOI: 10.1016/j.eap.2014.09.003
ISSN: 0313-5926
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Economics & Finance
Copyright Owner: Copyright 2014 Economic Society of Australia, Queensland
Deposited On: 11 Nov 2014 23:50
Last Modified: 12 Nov 2014 22:44

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