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).

We aim to foster discourse which advances an economy that works for all and 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…

But Victor, how will you pay for it?

A conversation with The New Liberal’s Victor Kline about the influence of Modern Monetary Theory on TNL’s policies

Wednesday 6 October 2021 7:30 PM AEST

According to Kline: “We are our own party, but so far as it is helpful to fit us into political history, we are a cross between the economics of Menzies (real full employment and job security with investment in local business) and the social progressiveness and egalitarianism of Whitlam”

They are one of a very few parties who use Modern Monetary Theory as the economic lens which they use in developing their policies.

For more info, please go here.

Or book 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 intrinsic financial budget constraints.

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


We have useful articles, both academic and more popular, in our Library.

You may also wish to explore the work of a range of MMT academics and experts. Here are five of them:

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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