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Hot on the heels of Salvatore Babones’ warning that “Australia’s heavy reliance on immigration to float the economy and fund government budgets runs the risk of turning into a giant immigration Ponzi scheme”, Business Council of Australia (BCA) CEO, Jennifer Westacott, has done likewise:
“Our GDP growth is being driven by population growth, by consumption and by government spending,” she said. “It is not being driven by the one thing we can control, which is productivity, but is being driven by luck. You can’t bank luck. Our GDP growth is masking a series of weaknesses”…
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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