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Fragile Prosperity »
Australia’s gigantic monetary gamble
Authored by: Stuart Kells
Publication date: April 2026
Fragile Prosperity presents a new perspective on the past five decades of economic policy in Australia. This book shows that in important respects the basic pillars of this policy are misconceived, resting on fundamental misunderstandings of money, taxation and fiscal accounting.
Monetary and fiscal policies in Australia are reappraised, along with the nation’s program of financial deregulation: a gigantic experiment in modern money. A new understanding is presented of the causes of inflation in Australia and the drivers of house price growth, along with associated impacts on wealth distribution and inequality.
The implications are stark. While successive federal governments and Australia’s central bank have given up the means to directly control the principal cause of inflation, the current method of inflation control operates like a dead hand on the non-bank economy. Australia now faces a terrible conundrum in public policy and macroeconomic management, one with urgent implications for countries with similar regulatory settings, such as Canada and New Zealand. Further afield, the story of Australia’s experiment with modern money is a cautionary tale for all advanced economies.
‘Many younger Australians no longer feel that hard work brings a better life. In this timely book, Kells reveals the deeper, actual reasons Australia is no longer a land of economic opportunity.’
Thomas Walker, CEO, Think Forward
‘The thrust of this excellent work is that the process and consequences of the generation of money have been widely misunderstood by regulatory and government bodies, leaving Australia unwittingly clinging to a “fragile prosperity”. Kells sets about offering practical solutions.’
David Merrett, Professor Emeritus, Faculty of Business and Economics, University of Melbourne
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Developing Asian Bondmarkets »
Edited by: Takatoshi Ito, Yung Chul Park
Publication date: January 2014
The absence of vibrant bondmarkets in East Asia was a significant contributor to the 1997–98 financial crisis. Ever since, the development of local bondmarkets has been a major objective of financial reforms in many East Asian economies. This effort has been frustrated by the inability to reach a consensus on whether Asian bondmarkets are truly needed in East Asia, whether they can be made viable in the competitive environment of the global economy, how they should be created and what role intergovernmental cooperation should play in their definition and creation.
Developing Asian Bondmarkets helps build this consensus, proposing how to develop robust and efficient bondmarkets in East Asia.
This book, the first of its kind, comes from the Finance Forum of the Pacific Economic Cooperation Council.
Ethics and Auditing »
Edited by: Tom Campbell, Keith Houghton
Publication date: June 2005
Ethics and Auditing examines ethical challenges exposed by recent accounting and auditing ‘lapses’ through a study of interconnected moral, legal and accounting issues. The book aims to engage a broad readership in the discussion of audit failure and reform.
With its range of intellectual and practical perspectives, Ethics and Auditing provides critical analyses of auditor independence, conflicts of interest, self-regulation, the setting and enforcing of auditing standards, and ethics education.