September 29, 2011
Silly Taxes Upset Proper Industrial Development. Australia has largely ignored the tax reform proposals communicated in the 1685 pages of the August 2008 Treasury Paper and the December 2009 Henry Report. The Labor government is not inclined to take tax reform seriously and next week's tax summit will cause more confusion than ever. Tax policies that promote profits and jobs create the fiscal cash-flows able to be applied to meaningful social and commercial infrastructure. Delusions built around the narrow emotional theme of 'fairness' are no substitute for national aspirations rooted in hard and enjoyable work-place ambitions. Synthetics, such as job protection and safety nets, means capital deployment to other places and jobs created abroad to cement ourselves as import obsessed and dependent. A Liberal Government is, of course, an unknown quantity, but their track record and ethos does appear to offer better prospects for sustainable prosperity.
September 23, 2011
Mr Wayne Swan has joined Paul Keating as the second Australian Treasurer to be named as banking magazine 'Euromoney' as the world's finance minister of the year. This seems to be a sad metaphor for the bizarre science that economics has become led by the scallywags of Wall Street and the economic elites of Europe. Australia entered the global financial crisis with a record terms of trade, a domestic surplus and zero foreign debt. Under Mr Swan's stewardship we have significant debt to be repaid, a domestic deficit, most state budgets pressured, and the prospect that our major economic saviours - China and Asia generally - need to rebalance their economies as Europe and America soften. The steady and pragmatic policies of Hawke-Keating-Walsh and Howard-Costello have been forsaken for failed ideologies of the past and populism and hyperbole of the present.