Monday, August 25, 2003


Under conservative (market oriented) management from both major political parties, the Australian economy has been one of the world's big economic success stories in the last 10 years -- averaging 4% growth year after year despite world upheavals. How come? A recent economics research paper found 3 main reasons:

"Strengthening competition from domestic and overseas sources; Opening the economy to trade, investment, technologies and know-how developed overseas; By providing greater flexibility (for example, less regulatory restriction and a more flexible labour market) to adjust production processes and firm organisation."

Classic free-marketeer recommendations, in other words -- in plain English: Cutting government protection for local industries, allowing in that dreaded foreign investment, reducing government regulation and not letting the unions rule.

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