Modern Money Australia

Modern Money Australia

Modern Money Australia

Modern Monetary Theory helps us to understand the policy potential of the Australian Federal government as a monetary sovereign (which means it issues its own currency, doesn’t borrow in foreign currencies and has a floating exchange rate – all of which applies to Australia).

The purpose of Modern Money Australia is to foster discourse which advances an economy that works for all.

We aim to show that the policy space afforded by our monetary system, while not unlimited, is nevertheless very much greater than the limits imposed by those who subscribe to classical macroeconomics.


We’ve been running webinars since Covid-19 struck. (Previously we were running public face-to-face forums in both Sydney and Melbourne.) 

Our next webinar is on Saturday 27 February 2021  10am-11am AEDT

MMT and the new social contract:
Lessons from Covid-19

Our guests are Pavlina Tcherneva and Bill Mitchell, both leading MMT academics, who will set forth a powerful and hopeful vision for a new social contract founded on a real world understanding of the policy potential of monetary sovereign governments that will be better able to foster the genuine ‘we’re all in this together’ effort required to tackle the immediate Covid-19 crisis and the ongoing and looming threat to our planet from the climate crisis.

Go here for more information or register now:

What is Modern Monetary Theory?

Modern Monetary Theory has been developed over the past thirty years. There is an enormous amount of literature, both academic and popular, to back it up. Here are the three main assertions (taken from Dr Steven Hail’s article, Explainer: What is Modern Monetary Theory? in The Conversation 31 January 2017)

All economies, and all governments, face real and ecological limits relating to what can be produced and consumed.

Monetarily sovereign governments face no purely financial budget constraints.

The government’s financial deficit is everybody else’s financial surplus.

Modern Money Resources

We are building a Library of resources including academic papers, books, articles, videos, podcasts and people. You can access the Library from the main menu above.

Here are five people whose work is well worth becoming familiar with.

Prof Bill

Bill Mitchell is Australian and one of the founders of Modern Monetary Theory. He has written countless academic publications over the past thirty years, but his blog is an esential.

Dr Steven

Steven Hail is another Australian MMT academic. A presentation he gave in 2014 is a great introduction to Modern Monetary Theory and is a total eye opener to those not familiar with MMT.

Prof Stephanie Kelton

Stephanie Kelton is an American academic who is one of the leading proponents of MMT in the USA. Her book The Deficit Myth is creating a real stir!  She is also Bernie Sanders chief economics adviser.


Warren Mosler is one of the MMT founders. He is an American economist and theorist. His book, The Seven Deadly Innocent Frauds of Economic Policy is avalable for free download.

Prof L. Randall Wray

L. Randall Wray is another MMT founder. He is a professor of economics at Bard College NY. His most recent book is Why Minsky Matters: An Introduction to the Work of a Maverick Economist(Princeton University Press, 2016).

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