Trailblazing former union leader Bill Kelty says the Albanese government has no plan for economic growth and no appetite for the big reforms to secure Australia’s future.
Bill Kelty, one of the architects of Australia’s modern prosperity, argues Labor must dramatically reshape its economic agenda to lift productivity and provide greater fairness and opportunity to the younger generation.
The flagging political and economic momentum, along with declining productivity, drive Mr Kelty’s insistence on the need for a much bigger policy canvas to address Australia’s most pressing problems. “These trends demonstrate the fundamental reason why renters and the non-inheritors are turning away from the Labor Party, and for that matter the Liberal Party.Even though he praises Labor for proposed changes in areas such as the NDIS, the environment, industrial relations and paid parental leave on super, he maintains it “needs to address much more important reform”.
Instead, he proposes major trade-offs in a system he sees as particularly “brutish” for younger or less wealthy Australians unable to claim big tax deductions or make other arrangements to reduce personal income tax. “Tunnel drilling machines that are stuck, Commonwealth Games abandoned without having any events, roads being paid for that are not built, quarantine centres constructed that will unlikely be taken up, railways built without business cases,” he said.
Another target is his criticism that Labor governments, Treasury and the RBA have all placed security and stability ahead of competition and fair access for borrowers. This was compounded by the Hayne royal commission, leading to bad publicity and new regulations effectively forcing banks out of lending to lower-paid or vulnerable Australians.
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