Bernie Fraser, the only person to serve as both RBA governor and Treasury secretary, has warned governments have a poor record of picking winners.
Former Reserve Bank governor Bernie Fraser has warned Labor’s Future Made in Australia Act was likely to waste taxpayers’ money, as another leading economist labelled the policy “depressing”.
“Taking a lead and identifying all these possibilities is a bit risky for taxpayers and their money,” he said.He said it was entrepreneurs willing to stump up their own money who were best able to identify emerging sectors where Australia had a potential comparative advantage, not the federal government.
He said moves by other Western governments to adopt protectionist policies did not justify Australia also doing so. While he welcomed the Future Made in Australia Act, Manufacturing Australia chief executive Ben Eade said government tax incentives were only half the equation.The lobby group’s latest report identified four key hurdles that were weighing on the manufacturing sector. This included long project approval times; policies favouring imports over domestic production; insufficient spending on research and development; and high costs.
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