The Importance of Self-Defense in Australia's Economic Policy Setting

He was deeply uncomfortable with Australia's reliance on short-term capital inflows from offshore, particularly debt. He believed that if we didn't get on top of this, at some point, Australia would lose flexibility and maybe even sovereignty in respect of its economic policy settings. The irony is that in addressing his efforts to lifting public saving, i.e. reducing the budget deficit, he actually lifted private saving too.