OPINION: The Albanese government is mistakenly moving away from selling public assets, by setting up $50 billion of government funds to shower taxpayer money on special interests.
The NBN will not be ready for a private sale in the next couple of years, according to telecommunications and public policy experts.
CSL, incorporated in 1991 and listed on the stock exchange in 1994, was born out of the government’s Commonwealth Serum Laboratories.from its market capitalisation surging to a value of more than $140 billion, making it the third-most valuable company on the Australian Securities Exchange. That is not necessarily an argument in favour of privatisation, but nor is it a valid criticism.
Instead, we are now facing a 48-year-low unemployment rate of 3.5 per cent, inflation pressures and higher government borrowing costs to pay for the fund.Ploughing more taxpayer borrowing into a capacity-constrained economy and fully employed labour market will add to inflation in construction and other sectors.
Manufacturing is only 6 per cent of Australia’s economic output. Even in the unlikely event there can be a mini-boom in manufacturing productivity, it will make no discernible difference to national productivity and people’s real wages.The key to boosting productivity is lifting efficiency in services, which comprise about 80 per cent of the local economy – particularly in the expanding government sectors of aged care, education, healthcare and other social services. Better use of data is key.
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