Newspaper article The Morning Bulletin (Rockhampton, Australia)

ANZ Calls for Economic Reform Debate

Newspaper article The Morning Bulletin (Rockhampton, Australia)

ANZ Calls for Economic Reform Debate

Article excerpt

ANZ Banking Group's chief executive Mike Smith yesterday called for a national debate on economic reform after Prime Minister Julia Gillard announced the introduction of a carbon tax.

Speaking in Melbourne after the Prime Minister and the Australian Greens announced a carbon price will start in Australia on July 1, 2012, he said a debate on climate change should take place within a broader debate on economic reform.

aThe whole political process has taken it (economic reform) off the agenda a it needs to come back.a

Australia should use these aboom timesa to create a sovereign wealth fund that invests in infrastructure, he added.

Competing nations in Africa, Asia and South America were working much harder than Australia to improve their position over the fight for global capital to fund resource developments.

So Australia needed a new wave of reform to drive future growth and productivity to position itself for a sustainable future, including more labour and tax reforms and more spending on research and development, Mr Smith said. …

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