Issue 2008 March 01
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COVER STORY: The Australian economy a ‘house of cards’
Debt and luck have kept the economy growing over recent years, while key sectors have been hollowed out, leaving the Australian economy a “house of cards”, writes Patrick J. Byrne.Last week, the international credit crisis caused ripples in Australia when the ANZ Bank chief Mike Smith announced that the ANZ’s bad debts charge could hit $1 billion, in part due to the US…
