Decades of economic research have illuminated the relationship between government corruption and economic stagnation. It has also identified the reason corruption is such a handbrake on growth, writes Danielle wood. | OPINION Corruption ICAC
A week ago, the government very quietly announced it would not deliver on its promise for a federal integrity commission in this term of Parliament. This came just a fortnight after Transparency International announced Australia had tumbled down the international league table for its corruption perceptions index.The uncomfortable truth is that clean government matters for living standards.
Finally, corruption can erode some forms of what economists call “civic” or “social capital” – essentially the trust between fellow citizens. A country where suspicion and distrust is rife is a country where it is harder for firms to reach mutually beneficial deals.If you think that these concerns only apply in “really” corrupt countries – ones where bags of money change hands to get things done – think again.
Another area ripe for disinfectant is the role of money in Australian politics. The federal government lags much of the developed world, and its state government counterparts, in rules to reduce the risk of donor influence. There are currently no limits on how much money can flow to federal political candidates or parties. The transparency regime for donations is so inadequate that we can’t even be sure who the biggest donors are.
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