ECONOMIC AFFAIRS: Australia’s foreign debt – myth and reality*

Like the unacknowledged elephant in the room, Australia’s ballooning net foreign debt – now $520 billion – has been steadfastly ignored by the experts for too long, despite its potential to jeopardise the country’s future prosperity. Colin Teese reports.Under its new governor Glenn Stevens, the Reserve Bank of Australia has wasted no time in allowing views to be advanced which amount to a justification of the size of Australia’s external debt obligations. It takes the form of a commentary r…

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