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Economic Reform Australia (ERA) is a non-profit and non-party organisation concerned primarily with sustainable development and with economic and financial reform. Members are held together by a realisation that the debt money system used around the world is unsustainable and that reform is necessary if democracy, social justice, and respect for the environment are to be achieved. Furthermore, members recognise that the economic growth and consumption imperatives associated with a debt-driven economy inevitably result in escalating environmental destruction, high levels of unemployment and poverty. Membership is open to all who are in agreement with ERA's basic philosophy and objectives. ERA is an associate of the Committee on Monetary and Economic Reform (COMER), which is an international think tank with members from many professions. Each ERA member is entitled to receive a copy of the regular ERA newsletter (members can also arrange to receive the quarterly newsletter of TOES - The Other Economic Summit). A full list of papers by COMER economists, known as the COMER papers, is available on request from ERA EMAIL or our postal address:

Economic Reform Australia,
PO Box 505,
SA 5092

These papers are available individually at the cost of copying and postage to members and subscribers.


Australia's sovereignty has been sabotaged by a long period of financial and trade deregulation. As a result, Australia has generated massive debts, particularly foreign debt, and a financial system dominated by foreign exchange speculation and overseas ownership. Yet Australia is not alone. Today's international financial system has become a major threat to living systems around the earth. It generates levels of debt and interest on debt which enslave many national economies including Australia and the Third World.

In Australia, total public and private debt exceeds one trillion dollars (the most recent data can be obtained from the Australian Bureau of Statistics and from the Reserve Bank of Australia). Although most of this debt is private (and especially corporate), the simple fact is that the annual bill to the taxpayer for servicing government debt alone is some $20 billion. This money could be better spent on essential infrastructure and environmental projects. Furthermore, the total volume of debt within Australia exceeds the volume of broad money by a factor of three, and has done so for many years. Since total debt is growing faster than both inflation and the money supply, the inescapable conclusion remains that overall debt is becoming ever more unrepayable with the passing of time. In these circumstances a general financial breakdown seems inevitable at some future time.


ERA's long term goal is to achieve a socially, environmentally and financially sustainable economic system. It's short term policies include the implementation of:
  1. The Economic Sovereignty Loan Scheme.
  2. An Impex-style system of foreign exchange management.
  3. Financial Transaction Taxes.
  4. A Reformed Foreign Investment Review Board.
ERA also supports:
  1. A tax system which achieves a more equitable distribution of income and employment.
  2. A guaranteed adequate citizen's income.
  3. LETS (Local Exchange Trading Systems).
  4. Tax incentives and regulations to encourage environmentally sustainable industries.

Details of ERA's short-term and long-term policies are available on request.

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Dr A Peel, PO Box 79, Nunawading 3131
B. Bourke, RSD 52, Bacchus Marsh 3340
C. Mar, 24 Wonga Rd., Ringwood 3134

Dr J. Hermann, PO Box 505, Modbury 5092 (email: hermann@dove.net.au)
P. Lock, 4/20 Everard St., Largs Bay 5016
M. Plowright, 38 Bishop Place, Marryatville, 5068

R. Vlais, Environment Centre of WA, PO Box 7375, Cloisters Squ., Perth 6850
(email: eco-heal@vianet.net.au)
K. Fauser, 3 Booth Street, Mt Barker 6324

R. Sanders, Environmental Sci., Griffith University, Nathan 4111 (email: R.Sanders@ens.gu.edu.au)
Rev A. Sandaver, 27 Vasey Street, MOOROOKA, QLD 4105

F. and B. Milne, 14 Gallimore Ave., Balmain 2041 (email: GH.Adams@uws.edu.au)
J. Horrocks, 13 Gurney Cresc., Seaforth 2092
Prof G. Wrightson, 9 Excelsior Pde., Carey Bay 2283 (graham@cs.newcastle.edu.au)
H. Adams, 30 Bee Farm Road, Springwood 2777 (email: GH.Adams@uws.edu.au)

Dr C. Watson, 79 Denny St., Latham 2615

Detailed information concerning Economic Reform Australia membership, or available publications, may be obtained by email to us at ERA EMAIL
An ERA membership application form may be obtained by clicking on the link MEMBERSHIP APPLICATION
If you wish to have your name placed on the mailing list of the ERA email network, send your email address to ERA EMAIL NETWORK
Detailed ERA Objectives and Policies can be found in our REFORM PROGRAM
ERA is a member of the AUSTRALIAN COALITION FOR ECONOMIC JUSTICE. Further information about the coalition may be obtained by writing to:
Justice Place,
84 Park Road,
Woolloongabba 4101
(or telephone Brian O'Halloran at 07 3891 591 or email: ACEJ)

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Reference Articles
TOESINFO Information about the the 3rd Australian TOES
TOES Paper "The Human Spirit in a Global Economy" TOES Paper by Frances Milne
NEW ECONOMICS Shann Turnbull: "Alternatives to markets, privatisation and competition"
MEDIOCRITY Paul Hellyer article: Let's start a war - on mediocrity
IMPEX John Iggulden: Australia's Current Account
BOOMERANG OWNERSHIP Paper by Shann Turnbull
THE TOTTERING TOWER Article by William Krehm
THE ENORMOUS SILENCE Article by John Hermann
ECONOMIC RATIONALISM 15th Sambell Memorial Oration, Hugh Stretton; Poor Laws of 1834 and 1996
PKT Post Keynesian Thought
THE UNREAL ECONOMY John Dillon - Speculators and money traders must be controlled
ECONOMIC BANKRUPTCY John Hermann - Thoughts on the bankruptcy of economics
CORPORATE RULE Ed Finn - Will globalised capitalism self-destruct or show self-restraint?
REAL WEALTH Peter Lock - The shadow and the substance
THE GREAT DEPRESSION Tom Dickson - Australian governments could not handle the depression
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Links to Related Web Sites
TOES 98 Web Site of the New Economics Foundation and TOES 98 (UK)
TOES 97 Web Site of the 1997 Peoples Summit, TOES-USA (University of Colorado at Denver, 19-22 June, 1997)
STOP MAI Australian MAI Community Awareness Site
PUBLIC CITIZEN Ralph Nader's Public Citizen Web Site
ECONOMIC DEMOCRACY Institute for Economic Democracy Web Site
GLOBAL TRADE WATCH GATT, NAFTA and the Multilateral Ageement on Investment (MAI)
SMALL IS BEAUTIFUL Web Site of E.F. Schumacher Society
SUSTAINABLE ECONOMY Web Site of Shann Turnbull
ENTROPY FIELD Web Site of Gerhard Weissmann
MONETARY REFORM Monetary Reform Magazine, Ontario
NEW MONEY University of Linz Monetary Reform Group
CANADIAN FORUM Canadian Centre for Policy Alternatives
MONETARY HISTORY American Monetary Institute
TRUTH IN MONEY Truth in Money, Inc
DEBT-MONEY VIRUS Humane World Community, Inc
MONEY SYSTEMS Alternative Money Systems - Web Site
MONEY TALK (ONLINE) USA Coalition to Reform Money
GREEN PAGES Information about alternative communities, environmental groups, social justice organisations, TOES, LETS and the alternative lifestyle guide
WEB DIRECTORY The International Environmental Organisation
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Wombat Search Engine Link to Australia's own WEB WOMBAT


Web Site Conservation Award
Link to WWW Envirolink
Starting Point STARTING POINT: Everything you need to work the Web

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Last Update Wednesday 16 December, 1998
© Copyright 1997, John Hermann
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