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FINANCE: Day of reckoning for Australia’s debt binge?

Patrick J. ByrneDec 4, 20045 min read

While the Australian economy has stayed buoyant from a borrowing and spending spree for housing, Reserve Bank governor Ian Macfarlane has warned that the bubble must eventually burst.The Howard Government kept the economy bubbling along on the back of a booming housing market, helping it to win the recent federal election. Prosperity meant there was no reason to change government. The fear of…

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