Oct 14, 2019
Vernon Kringas-New Futures Australia
Modern Monetary Policy

I grew up in North Sydney and attended North Sydney Demonstration School and then North Sydney Boys' High School. I have a commerce degree from UNSW and a Masters degree in organisational coaching from Sydney. I have had lengthy tenures at KPMG, Coca-Cola Amatil (including as Financial Controller in the Czech Republic and Poland), Oracle Corporation, where I was a VP of Finance, and, for the last 9 years, as a Director at Infosys Portland, a consulting firm. I captained North Sydney in first grade cricket, completed several Ironman Triathlons including Hawaii and now run around a tennis court trying not to strain hamstrings.
A few years ago I came across Modern Monetary Theory (MMT), which is a theoretical framework for understanding how a modern money system works. Monetarily sovereign countries like Australia, issue their own currency and, therefore, their finances bear no resemblance to that of a household. They can never run out of money, can never default on debt which is in their own currency and can literally run deficits forever if that was needed. Of course, it is hard for us to think in these terms because we are used to our personal or company finances - but we don't issue the currency. The limit to spending is inflation, which is determined by the availability of real resources. After a year or so of serious research I understood its veracity and its massive implications for solving many social problems and improving the well-being of all Australians. MMT is being debated in the mainstream media in the US at the moment and it is starting to appear in the press here in Australia

I realised that the only way to actually leverage this new opportunity was to be in federal government as only it can issue Australian dollars. So that meant politics - something I never previously intended to go near. I haven’t got a political bone in my body and it’s an ambitious project but here was the ultimate opportunity to help make systemic change that can massively improve the lives of literally millions. How could I not do something? So, politics it is.