Shortlisted for the 2012 Queensland Literary Awards
Too Much Luck kicked off a debate about the policies needed to reap a lasting legacy from the development of its non-renewable resources. It argued that Australian governments were engaging in generational theft by engaging in over-enthusiastic of mega resource projects, such as LNG and coal-seam gas, and their flagrant spending of the tax revenue on welfare and short-term giveaways. It cited examples like Norway and Chile that Australia could learn from and called for a super profits tax linked to a sovereign wealth funds so that resource booms would be “poly-proofed”. Too Much Luck received extensive positive reviews for breaking new ground on Australia’s understanding of how it should manage the resource industry and the income it generates.
We have never seen a boom quite like this one. Under-taxed and under-regulated, multinational companies are making colossal profits by selling off non-renewable resources. New projects are being rushed through weekly, but who is looking out for the public interest? As the boom accelerates, it will drive the dollar higher and higher, and force up the cost of doing business for everyone else. Industries that involve many jobs, such as tourism and education, will fade away. What happens if commodity prices suddenly collapse, as they have in the past? Or worse, when the resources run out?
Many countries before us have been caught by the resource trap: a heady period of boom and growth, followed by a painful bust. Paul Cleary maps out the pitfalls, counts the human and environmental costs, shows what has worked overseas and suggests a better way forward – one which would turn this one-off windfall into a lasting legacy.
Praise for Too Much Luck
‘Paul Cleary argues that the resources boom is being classically mismanaged, indicting both federal and state governments for failing to regulate and tax properly the multinational corporations flocking to Australia to extract nonrenewable resources…[a] fierce, concise book.’ —William Finnigan, New Yorker
‘A timely and provocative analysis of some of the risks and opportunities associated with the present resources boom.’ —the Monthly
‘A powerful and passionate case for more sophisticated management of our mineral wealth.’ —Canberra Times
‘A rousing and and valuable wake-up call that every Australian should read.’ —Fiona Capp, Saturday Age.
‘This may be the most distressing book you read all year’ —Sydney Morning Herald
Reviews
- Michael Gilding, Inside Story
- Joe Collins, JAPE