With a bit of hope we read the first paragraph.
ANZ Banking Group Ltd chief Mike Smith has called for bold economic reform, saying Australia’s growth cannot be sustained without a leadership push to liberalise markets and improve productivity and innovation.
Yes !! Finally one of the banking Admirals admitting that pinning Australia’s hopes to only two things, the unsustainable debt driven housing market and mining, is a terrible idea and we need to improve productivity, create an educated knowledge driven workforce and diversify our economy into higher skill sets.
Nope…Damn.. no such luck.
Mr Smith told reporters the reform agenda should focus on reducing the complexity of the tax system, and removing excess regulation and “restrictive” governance.
Oh Boy !! Borrowing some ideas from an American bank lobbyist are we Mr Smith ??
No. No. No. Reforms should focus on re-engineering the economy away from its dependence on external debt and away from the dark ages while we have the opportunity to do so. There is nothing wrong with supporting mining, but pretending that it has long term sustainability at the expense of the rest of the economy is utter stupidity (Please read this post from DLS to understand what we are talking about )
Digging holes and building walls, seriously is that all Australia has left to offer the world ?
There is so much more Australia could be doing with its current economic fortunes. The fact that all that one of the Australia’s economic leaders can offer as a “bold” initiative is tinkering with a tax policy just goes to show how much things need to change before we will see some “real” economic leadership in this country. It is just a complete shame that it looks like we need to have an economic disaster before those people will come to the fore.
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