The Great Australian Reckoning is upon us

Decades of profligacy from both sides of politics are about to catch up with Australia. The Abbott government is walking a tightrope as the disaster mounts.

Well, Prime Minister Tony Abbott couldn't have wished to live in more interesting times. A combination of global and local factors are imposing the Great Australian Reckoning on his first term of government, but it is still not clear who the winners and losers will be. That said, the whole country will see standard-of-living declines to some extent.

Overnight, the Federal Reserve announced another $10 billion will be removed from its monthly bond-buying program – that is, it will only artificially increase money supply by $65 billion a month.

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