'We think we are the lucky country, but what we really have is dumb luck-a lot of luck without the planning or strategy to make sure our good fortune lasts.'-Paul Cleary
In Too Much Luck, Paul Cleary shows that the resources boom, which seems like a blessing, has the potential to become a curse - unless our governments take urgent action.
Today, under-taxed and under-regulated multinational companies make a tidy profit by selling off our non-renewable resources. As the mining boom accelerates, it will drive the dollar sky-high, forcing up the cost of doing business for everybody. Industries such as tourism and education-industries that, unlike mining, involve many jobs-will fade away. But what happens if commodity prices suddenly collapse, as they did with the GFC in 2008; or worse, when the resources run out?
Many countries before us have been caught by the resources trap- a heady period of boom and growth, followed by a painful bust. Paul Cleary maps out the pitfalls, considers what has worked overseas, and suggests a better way forward.
In Too Much Luck, Paul Cleary shows that the resources boom, which seems like a blessing, has the potential to become a curse - unless our governments take urgent action.
Today, under-taxed and under-regulated multinational companies make a tidy profit by selling off our non-renewable resources. As the mining boom accelerates, it will drive the dollar sky-high, forcing up the cost of doing business for everybody. Industries such as tourism and education-industries that, unlike mining, involve many jobs-will fade away. But what happens if commodity prices suddenly collapse, as they did with the GFC in 2008; or worse, when the resources run out?
Many countries before us have been caught by the resources trap- a heady period of boom and growth, followed by a painful bust. Paul Cleary maps out the pitfalls, considers what has worked overseas, and suggests a better way forward.
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