Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Government urged to take immediate action on reforms

By Staff Reporter
11 August 2016 | 1 minute read

The recovering economic outlook, both globally and domestically, means the government must act now or risk more severe corrections later.

Standard Life Investments’ chief economist Jeremy Lawson said a rallying world economy means the current government would be wise enact reform early.

“The recovering global and domestic economy provides a window of opportunity to implement change- if it is wasted, adjustments will eventually have to be far more severe,” Mr Lawson warned.

Advertisement
Advertisement

Over the next 5 years Australia will need to contend with diminished housing affordability, falling inflation, the possibility of blunted monetary policy and a ratings downgrade, a deteriorating long-term fiscal position, and stagnant wages.

“It is critical that the re-elected government tackles all of these challenges at source,” he urged.

“Australian’s think tanks and policymakers are not short of ideas for structural reforms, fiscal reforms and the rebuilding of Australia’s physical and intellectual infrastructure.”

He credited Australia’s current economic status to bygone economic managers, saying the country’s good fiscal standing was “thanks more to the efforts of distant governments than more recent ones.”

He dismissed more contemporary government makers as lacking foresight.

“The RBA has been forced to do too much of the heavy lifting to support economic rebalancing while successive government have avoided reforms and pursued the wrong fiscal mix,” he explained.

He says that with Australia having coped comparatively well in a volatile market and with the mining boom winding down, the opportunity to implement reform is now.

“In many ways the Australian economy has absorbed the shock from lower commodity prices exceptionally well,” Mr Lawson explained.

“The non-mining economy, and especially housing, tourism and broader consumer spending has strengthened enough to partially offset the commodity shock, while the labour market has also performed well, showing the benefits of flexibility enhancing reforms over previous decades,” he added.

 

Government urged to take immediate action on reforms
Canberra
lawyersweekly logo

Tags:

ABOUT THE AUTHOR


Listen to other installment of the Real Estate Business Podcast
Rankings
rankings
JUST RELEASED
May 09, 2022

REB Top 50 Women in Real Estate 2022

REB is thrilled to present the Top 50 Women in Real Estate 2022 ranking, which sets t ... LEARN MORE

rankings
JUST RELEASED
May 04, 2022

REB Top 100 Agents 2022

Now in its second decade, the REB Top 100 Agents 2022 rankings are the most revered s ... LEARN MORE

rankings
JUST RELEASED
May 02, 2022

REB Top 50 Agents NSW 2022

Even a pandemic has not put the brakes on the unstoppable property market in NSW, whi ... LEARN MORE

rankings
JUST RELEASED
April 27, 2022

REB Top 50 Agents VIC 2022

The COVID-19 crisis has not deterred the property market in Victoria, which has been ... LEARN MORE

rankings
JUST RELEASED
April 25, 2022

REB Top 50 Agents QLD 2022

As the property market continues to roar in Brisbane and Queensland, the REB Top 50 A ... LEARN MORE

Coming up

rankings rankings
Do you have an industry update?

top suburbs

12 month growth
Mirador
103.33%
Bawley Point
98.13%
Walla Walla
90.7%
Byron Bay
86.67%
Kiama Heights
85.93%
Greta
84.14%
Nulkaba
81%
South Hobart
78.78%
Diddillibah
76.25%
Lennox Head
73.98%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.