Our Annual Conferences in Melbourne and Sydney looked at “The Next Global Downturn: Causes & Consequences”. With evidence mounting that global growth has slowed, we looked at what explains the recent weakness in the major economies. We considered the outlook for monetary policy in the US, the weakness in European industry and the slowdown in global trade. A particular focus was China, which is facing both a cyclical downturn and a long-run deceleration resulting from the leadership’s rejection of market-friendly reforms. We asked what might trigger a hard landing in China. We considered the headwinds facing Australia’s economy, in particular its sagging housing market. And we stepped back to ask whether the smart-money view that emerging economies will grow much faster than richer economies over the medium term is justified.