Michael Brennan has warned the government not to succumb to the allure of industry policy targeting high-profile emerging sectors where prices are set to plummet.
Outgoing Productivity Commission chairman Michael Brennan has warned the Albanese government not to succumb to the allure of industry policy targeting high-profile emerging sectors where prices are set to drop., Mr Brennan said the risk of industry policy was not “pick winners at random” but worse, picking winners everyone else was picking and not being able to compete.
“The Productivity Commission over the last 20 years has been involved in all manner of broad policy areas.” Citing the global push towards net-zero emissions and the shifting strategic environment to suggest industry policy did have a role to play, including in net-zero, Mr Brennan stressed that should not “mean anything goes”.
“We saw with the car industry and to some degree we’ve seen it in the pharmaceutical industry, if your mindset is you want to bring people here, write them cheques to do things, they don’t develop deep roots,” he said.“I’m a believer that however the [national reconstruction)] fund is spent, it should be done in such a way that the organisations have deep roots, distinctive capabilities and things that are globally competitive.
and turn it into a transformative industry policy that responds to the Biden administration’s $500 billion Inflation Reduction Act spending. The recommendations were part of a landmark report from the BCA that also recommended reforms across the economy, including lowering personal income and company taxes and increasing GST revenue, winding back union-friendly industrial relations laws, and overhauling the skills system.Mr Albanese and Treasurer Jim Chalmers praised the BCA’s contribution, suggesting big businesses and Labor had more views in common than not, though areas where opinions did diverge were significant.
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