Resources

Reports and Working Papers

A business is insolvent when it can’t pay off its debts. So what is international insolvency? How do countries go broke? Why does it keep happening? Who should bear the cost?

The sovereign debt crises in Greece, Spain and Ireland have emphasised the urgency of the issue, but the phenomenon of countries repeatedly going broke (i.e. unable to meet their financial obligations) has a long history. This paper aims to answer the questions above by examining this history and the key patterns that have emerged.

The eight-year story of Australia's first debt swap is not one just about Australian benevolence, sacrificing money owed to it in order to assist poor Indonesian children suffering from tuberculosis. It is also a story about the consequences of rich country policies that are designed to make their exporters competitive in a global marketplace.

With case studies of two critical examples, the Gold Ridge mine in the Solomon Islands and the PNG LNG project, the report aims to make EFIC more accountable to Australians, asking a number of tough questions surrounding EFIC’s social policies and its responsibilities to the Australian taxpayer. Are EFIC’s human rights, environmental and social standards adequate? Are systems of accountability in place? How transparent are EFIC’s operations? Does the Australian public even have enough information to answer these basic questions?

The moral argument for a public audit of debts owed to Australia is simple. An audit will identify debts that are illegitimate or odious, if they exists, so that they may be cancelled. This will relieve the burden on developing countries and the precedent will encourage best practice lending and finance in future. The legal argument for a public debt audit, based on the constitutional principle of responsible government, is only slightly more complex. 

(2007) Under the Influence: How IFIs Fund Deforestation in Asia Pacific (1733 KB)

Through loan conditions and policy intervention, the economies of developing countries have been restructured to increase national profit. This has necessitated sacrifice of the environmental and social well-being for the majority of areas and communities affected, the ill effects of which have lasted long after the initial programs were implemented.

Submissions

(Feb 2011) Independent Review of Aid Effectiveness (1374 KB)

The Australian government must develop a clear framework and strategy to guide its engagement with the World Bank Group (WB) the Asian Development Bank (ADB), since the institutional and bureaucratic flaws of both reduce the effectiveness of Australian aid.

(Jan 2011) FTT as Source of Long Term Climate Finance (402 KB)

New and innovative sources of funds are urgently needed to ensure communities around the world can thrive in the face of climate change. The option of a Financial Transaction Tax (FTT) was recognised by the High-level Advisory Group on Climate Change Financing (AGF) as one of the potential sources for long-term climate finance.

(Dec 2010) Parliamentary Inquiry into Australia's relationship with the Countries of Africa (1445 KB)

The“New Great Game” for mineral resources in sub-Saharan Africa needs to be examined considering the enormous security, governance and development challenges still facing the citizens and governments of that region.

(Feb 2010) IMF Consultation on Financial Sector Tax (146 KB)

A FTT would even bring market efficiency gains by reducing noise trading and the harmful impacts of trend-exacerbating ‘technical trading’.

(Nov 2009) Tax Justice at G20, Letter to Treasurer (205 KB)

Australian civil society organisations believe that tax is the most sustainable and key source of development finance. Yet developing countries lose an estimated US$160bn each year in tax revenue as a result of tax evasion by multinational companies1. This money, if invested according to current spending patterns, could save the lives of 350,000 children under the age of 5 each year. 

Briefing Papers

Lobbying Briefing Paper - Robin Hood Tax (2011) (84 KB)

The Australian campaign for financial transaction taxes is part of an international movement and argues the case for a global tax regime on speculative financial trades in this Briefing Paper.

Briefing Paper - Publish What You Pay (2011) (1349 KB)

Australia should pass legislation to require all domestic and foreign companies registered with the Australian Stock Exchange to publicly report how much they pay governments for access to their oil, gas and minerals.

Briefing Paper - Towards a better financial system (2009) (82 KB)

It is no longer a question of whether reform of the international financial system and global economy is needed. The question is which reforms are needed, and how can a genuine process of reform be found. 

Position Paper on IMF Macroeconomic Policy Reform (April 2009) (83 KB)

The IMF macroeconomic policies in low-income countries must be substantially reformed, and aligned to support efforts to scale up education and health sectors in the world’s poorest places.

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