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Turning headwinds into tailwinds: the economy can correct course

Professor Stephen King writes in The Conversation (10.2.15) that Australia can adjust to the end of the resources boom:

‘Our governments need to remember the compact that has underpinned Australia since federation. We do not leave people behind. There has long been a series of transfers, through the grants commission and through the distribution of the GST, from the richer states to the poorer states and from the cities to the bush. These transfers help guarantee that all Australians can gain from long term economic growth. These transfers need to continue. But they also need to be transparent. And states need to remember that today’s winners can be tomorrow’s losers. The transfers are like a national insurance policy that protect us all.

‘So, the economic future is looking bright for Australia. Sure, the economic winds have changed. But so long as we can adapt and “change tack”, and governments do not get in the way, the next ten years for Australia are likely to be even better than the last ten.’

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