Inaugural Productivity Commission chairman Gary Banks and his successor Peter Harris are each separately calling for a “pro-productivity” and a “pro-competition” agenda.
Inaugural Productivity Commission chairman Gary Banks says Labor needs to “U-turn, or at least detour” on its economic agenda, saying plans to spend billions of dollars subsiding local manufacturing was a “fool’s errand” that risks repeating mistakes of the past by propping up “political favourites”.
“Seeking to obtain benefits to society through subsidies for particular firms or industries, including in the form of tax concessions, has proven a fool’s errand, particularly where the competitive fundamentals are lacking,” he said in a speech to the Centre for Independent Studies in Western Australia.
Treasurer Jim Chalmers on Wednesday insisted the government’s role was to incentivise not replace private capital, and said part of modernising the PC was to stop a “rerun of all of the tired old arguments of the past”.“We need to recognise the world is changing. We want a bigger slice of the action for our workers and businesses and investors. And so we need to change our approach as well. We need to look forward, not back.” he said.
“Indeed the government’s policy objectives are being made harder by some of its new regulatory actions.” “Even more ironic is the recognition that this could only be achieved with substantial subsidies from the taxpayer and, in areas like solar panels, would be facilitated by ‘mechanised’ processes that minimise the need for labour and the associated regulatory drag on competitiveness.
“They reflect our new economy. And suggest where pro-competition thinking should be applied,” he said., as well as former PC commissioner Karen Chester.
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