Ten years on from the collapse of US investment bank Lehman Brothers and the deepest global recession in more than eighty years, John Edwards, Lenore Taylor and Wayne Swan ask: how appropriate was Australia’s response? And can it happen again?
Around the world, the factors which drove the global financial crisis in 2008 remain just as prominent in 2018. The reputation of the finance sector is at all-time lows, while income and wealth inequality are touching all‑time highs.
Have policy perspectives in supranational organisations like the IMF and World Bank changed since the Global Financial Crisis? Have national governments learned anything? And would Australia be prepared for another global recession today?
Hon. Wayne Swan MP
Hon. Wayne Swan MP was Treasurer from 2007 – 2013 and served as Deputy Prime Minister from 24 June 2010 – 26 June 2013. He was named World’s Top Finance Minister of 2011 by Euromoney Magazine for his role in guiding Australia through the GFC without going into recession.
During his time in Federal Parliament Swan’s achievements have stretched from reform of the tax and transfer payments system; to labour market participation; climate change; ageing and population policy; and standing up for the disadvantaged.
Driven by the notion of the ‘fair go’, his priorities in Parliament have been supporting Australian jobs, protecting workers’ rights and giving the Australian community its fair share of the benefits of the mining boom.
Lenore Taylor has been the editor of The Guardian Australia since 2016. Before this, Lenore worked as national affairs correspondent at the Canberra Times, political correspondent at the Sydney Morning Herald, and was The Guardian Australia’s first political editor from 2013 to 2016.
She has won the “Scoop of the Year” Walkley Award twice: in 2010, for her reporting on the Rudd government’s shelving of an emissions trading scheme, and in 2014, for a joint report on Australian spying on the Indonesian government. She also won the 2014 Paul Lyneham Award for excellence in journalism and the Federal Parliamentary Press Gallery Journalist of the Year in 2007 and 2014.
Her first book, Shitstorm, with David Uren was published in 2010 and told the inside story of the government’s attempts to combat the global financial crisis.
John Edwards has served as principal economic adviser to Treasurer and then Prime Minister Paul Keating, was Chief Economist for Australia and New Zealand for HSBC, and has served on the Board of the Reserve Bank of Australia. He the author of several books including Keating – the inside story and Curtin’s Gift.
He is a Visiting Fellow at the Lowy Institute, an Adjunct Professor with the John Curtin Institute of Public Policy at Curtin University.
He spent his early career as an economic and political journalist, including political correspondent for The Australian, Washington correspondent for The National Times, economics editor of The Bulletin and Washington correspondent for The Sydney Morning Herald.