RURAL AFFAIRS: Behind the explosion of farm debt over the last 30 years*

Private debt overhang is a problem for many Australians. In the cities, it is mortgage and household debt, much of the latter on credit cards at prohibitive interest rates. We all know in our hearts, but prefer to put out of our minds, the fact that debt has to be paid back. That process is painful, no less for the economy as a whole than it is for the individual. Queensland farmer and research economist Ben Rees. To some extent, Australia was, for the duration of the mining boom, abl…

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