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Governments paying the price for ‘do it now or die’ approach to reform

Professor Flavio Menezes writes in The Conversation (9.2.15) that ‘ … it is now well understood that there is no budget emergency. Moreover, the urgent need for reform is somewhat exaggerated.

‘We are a small, resource-rich, open economy and the reality is that the US and European monetary policies, and what happens to the Chinese economy, are likely to have a much larger influence on the Australian economy than pursuing further microeconomic reform or industrial relations changes. …

‘The main task for both sides of politics now is to create a positive agenda beyond three-word slogans. Crucially, politicians will need to credibly articulate to the public how this agenda can smooth the transition to an economy that will be less reliant on the exploration and export of minerals, less carbon-intensive, can support an ageing population and the associated increases in medical costs and welfare payments even with a reduction in the tax revenue base, and still be subject to the vagaries of the world economy.’

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