Leading directors caution against unfettered government spending and unsustainable debt.
, as early examples that raise concerns. Treasurer Jim Chalmers’ essay on so-called “values-based capitalism” is another warning sign of interference, they say.
Brian McNamee, chairman of biotechnology behemoth CSL, agrees that the Productivity Commission is “one of the great assets of this country.”“To think that we want the political class to interfere with the Reserve Bank is troubling.“We live in a capital market. We live in an open economy. Regulation is very important, but we need to understand our separate role and responsibilities. This is a precedent which is troubling.
McNamee is also concerned about the escalated level of government spending, particularly as the RBA battles high inflation. “I think there is elevated concern right across the spectrum on the level of intervention and everyone is in a watch and wait frame of mind to see how far it is going to go. One example of that is in Victoria, over the changes with the SEC,” she says, referring to a state government plan to take a majority stake in new renewable energy projects.
“On the sector-wide wage bargaining, the devil is in the detail. If we are going to go back to the ’60s and ’70s and have it across whole sectors and all industries it would be mad. If some industries, like the lower end of healthcare and aged care, if it’s brought in there I can actually see the logic in that.”On the economy, Mullen says he has changed his tune from believing that Australia would be pulled into a global recession to expecting the country will be able to avoid a recession.
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