The Melbourne Newsroom

The following text comes from the 2010 Hamer Oration held at the University of Melbourne on Thursday August 5, 2010.  The speech was given by Professor Ross Garnaut, a Vice Chancellor's Fellow and Professorial Fellow in Economics at the University.

 

Dr Sam Wylie says that IMF predictions of a growth phase in the world economy in 2010 are off the mark, and says Australia should expect a long but shallow recession. 

"The financial crisis is going to take between $40-$60 billion out of Government revenues.  We should expect to see big defecits in Australia, with total government debt around $200 billion at the end of 2012, where at the moment its about $50 billion."