"As early as 2012, I have been publicly and privately advocating that Australian policy makers take pre-emptive policy action to deal with the structural imbalances within the Australian economy, especially Australia's household debt bubble which in proportional terms is larger than the household debt bubbles of the 1880s or 1920s, the periods which preceded the two depressions experienced in Australian history," he told news.com.au this week.

"Unfortunately, the window for taking pre-emptive action with an orderly unwinding of structural macroeconomic imbalances has now closed."

Adams has now turned on his former party and says both its most recent prime ministers have led Australia into a potential "economic apocalypse" and Treasurer Scott Morrison is wrong that we are heading for a "soft landing".

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