[Marxism] Australia: luck running out? | Michael Roberts Blog

Louis Proyect lnp3 at panix.com
Sat May 18 06:03:18 MDT 2019

Australia may be a ‘lucky country’ but luck can change.  The economy 
relies on raw material exports and so is vulnerable to any plunge in 
commodity prices and if China were to slow down or the trade war with 
the US really spike, then Australia is vulnerable.  The OECD put it this 
way “a negative external shock cold prompt a sharp cut to incomes, a 
rise in unemployment and downturn in consumption.  This would increase 
mortgage stress and further escalate a fall in house prices.  A currency 
depreciation would also be likely.”


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