Why Australia must avoid austerity

The devastating economic effects of using austerity measures during a private sector downturn are very clear in Europe. Calls for Australia to do the same to address the budget deficit are misguided and dangerous.

I spend far too much time out of Australia. But often when I read Australian economic and political commentary from abroad, I feel that the problem with our journalists is that they don’t go overseas often enough.

This particularly applies to Paul Sheehan, who opened his column in the Sydney Morning Herald last week with this shrill gem:

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