Deflecting an Aussie debt demolition

Australia has dodged the worst of recent crises that have ravaged developed economies, but the pace of deleveraging could change that if policymakers aren't careful.

The 'Global Financial Crisis', which began in late 2007, marked a turning point in the nature of market economies. Their performance from at least the mid-1960s had been underwritten by a faster growth of private debt than of GDP: this was the 'Age of Leverage'. In late 2007, the growth rate of private debt fell, and since then we have been in the Age of Deleveraging.

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