Too Much Luck: The Mining Boom and Australia's Future

(Paperback)

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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.

Reviews

'Paul Cleary argues that the resources boom is being classically mismanaged, indicting both federal and state governments for failing to regulate and tax properly the multinational corporations flocking to Australia to extract nonrenewable resources...[a] fierce, concise book.' --William Finnigan, New Yorker

'A timely and provocative analysis of some of the risks and opportunities associated with the present resources boom.' --the Monthly

'A powerful and passionate case for more sophisticated management of our mineral wealth.' --Canberra Times

'A rousing and and valuable wake-up call that every Australian should read.' --Fiona Capp, Saturday Age.

'This may be the most distressing book you read all year' --Sydney Morning Herald

'A very timely and important book.' --Australian Options

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