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The Guardian
3 days ago
- Business
- The Guardian
Australia is facing an existential tsunami. But Jim Chalmers' economic roundtable risks putting lipstick on a dinosaur
When Bob Hawke decided to host a summit in Canberra on the economic future of Australia, shortly after his election as prime minister in 1983, most thought it was a window-dressing gimmick by the flamboyant showman politician. 'This consensus is bullshit,' the New South Wales Labor premier Neville Wran declared. 'It won't work.' But it did. Hawke had been elected on Labor's promise of 'reconciliation, recovery and reconstruction', which was diametrically opposed to the confrontationist policies of the Coalition government. The nation was ready for change, and what might have been a window-dressing gimmick made things possible that had once been unimaginable. It nurtured the seeds of the policymaking and investment that grew to transform Australia. Sign up: AU Breaking News email While we can now see that some of the eventual costs were too high, at the time it changed the national climate, consensus and tripartite became the new buzzwords. There was a sense of possibility in the air. Ever since, Labor politicians have played with the model. The treasurer, Jim Chalmers, is a student of history and picked up the baton to bring together people and organisations with opposing views to hear each other out and be heard by those not in the room. A crucial element is the being heard, of making public what would otherwise be private conversations by lobbyists about the desires and demands of their clients. Once it is in the open, even if hedged in bureaucratic and corporate language, the challenge is finding the middle ground that satisfies enough to provide a stable foundation. This was where Hawke excelled. A lifetime of finding tolerable settlements to intractable industrial disputes made him a master of the nuanced agreement. As his speech writer Graham Freudenberg noted: 'He actually believed his own rhetoric.' It helped that there was a real crisis. Unemployment was soaring, industrial production was plummeting, markets were collapsing, strikes were frequent, the rigidity of tariff-fortified Australia that had once served the country well had become a liability. The challenges facing the most recent bunch of Labor leaders to call an economic summit are different, but not less. Indeed, if you look past the moderately pleasing interest rate, unemployment, growth and GDP numbers, there is an existential tsunami building on the horizon – climate change, policy paralysis, geo-political realignments, militarisation, digital colonisation and intergenerational 'bastardry'. The Labor governments elected this century have not come carrying too many hard-to-keep promises, rather they have entered office vowing to redress some of the most egregious wrongs of their predecessors – sign the Kyoto treaty, apologise to the Stolen Generations, investigate Robodebt, accept the Uluru Statement. Most importantly, they were Not Howard, Not Morrison, Not Dutton (Trump). Crafting an agenda and an idea of the nation that is forward-looking is now the challenge. The treasurer has urged boldness; the prime minister is by nature more cautious. As soon as the roundtable was announced the ideas started flowing. The Productivity Commission, business groups, state and local governments, unions, thinktanks, major companies and small, university researchers and ordinary punters, all had suggestions to share. Some, like taxing the family home, were so provocative they were ruled out before getting past the submission line, others fostered debate, others generated spectacular side shows that threatened to flame out before a consensus could be reached, and others were mired in obfuscating detail. Not since Kevin Rudd's ill-fated 2020 Summit have so many ideas been set loose on the land. Corralling them into a plausible narrative is the key – something that goes beyond the drafting of possible outcomes that every conference organiser does. Chalmers has made no secret of his admiration for Abundance, the book by Erza Klein and Derek Thompson that forensically examines the ways the overlay of bureaucracy and compliance have hindered development in the United States and sold short those in most need. The detailed descriptions of an almost impossible to meet compliance regime have triggered a 'me too' response here, and a hunt for regulations that might be abolished in pursuit of productivity improvements, more houses, more approvals, more innovation, more profit. This is a worthy task, but I worry that it is like putting lipstick on a dinosaur. The beast is still a dinosaur. What is needed is a lens not a list; productivity is important but it is a retrospective measure. Klein and Thompson address this specifically: 'What we are proposing is less a set of policy solutions than a new set of questions around which our politics should resolve. What is scarce that should be abundant? What is difficult to build that should be easy? What inventions do we need that we do not yet have?' In an Australian context I would add, 'What sort of economy do we want? How can we make it more 'complex'? How can we move from being so dependent on mining? What comparative advantages do we have? How can we maximise our human capital and improve quality of life? How can we improve intergenerational equity?' As Ken Henry, Ross Garnaut and Rod Sims, some of the wisest policy brains in the country, have been saying in relation to the energy transition and the need for consistent environmental policies, first there is a need to better define the core purpose. Once the principle is agreed the objects, goals and actions can fall, or be negotiated, into place. Then we might be able to answer what a successful Australian economy in 2050, true to our abiding ethos of a fair go, might look like. Julianne Schultz is the author of The Idea of Australia
Globe and Mail
11-08-2025
- Business
- Globe and Mail
The Provincial North is the centrepiece of Canadian nation-building
Ken Coates is the senior fellow for the Provincial North, and Charles Cirtwill is the president and CEO, at the Northern Policy Institute. Not for the first time in Canadian history, the vast sub-Arctic area known as the Provincial North holds the key to the country's economic future. This time, we need to get it right. For generations, Canada and its provinces have capitalized on the resource wealth of the Provincial North, returning surprisingly few benefits and considerable dislocation to the people living there. The country got rich on Northern development and was propelled to sustained prosperity by it in the post-Second World War era. But it was a prosperity enjoyed almost exclusively by regions outside the Provincial North. This approach must be reordered, and quickly. This new phase of development must be North-centred, prioritizing prosperity in the regions most affected, and include comprehensive Indigenous engagement. To a degree that Canadians have long since forgotten, it was this region, stretching from Newfoundland and Labrador to Northern British Columbia, that sustained the commercial fur trade that solidified Britain's hold on northern North America. Much of Canada's current prosperity continues to stem from the Northern parts of its provinces. Newfoundland and Labrador contributes the Voisey's Bay nickel mine and the Churchill Falls Generating Station. Hydropower from Northern Quebec supports the provincial treasury and economy. Ontario has long counted on Northern mining and forestry operations to underpin provincial prosperity, while hydropower and mining projects in Northern Manitoba, uranium mining in Northern Saskatchewan, oil sands and natural-gas extraction in Northern Alberta, and natural gas and forestry operations in Northern B.C. all support their respective provincial economies, and Canada's prosperity at large. The Provincial North's population belies its importance, with fewer than two million Canadians residing in the area. It has a large Indigenous population and, reflecting well-established socio-economic patterns in Canada, many of the poorest communities in the country. Poorly planned projects following the Second World War left serious ecological and social scars across the region, undermining regional confidence in economic planning and the unreliable promises of developers. The Provincial North has rarely held significant political power. The regions are largely subservient to provincial capitals. But the federal election of 2025 transformed the political calculus of the Canadian sub-Arctic. The Liberal Party won seats in Labrador, Northern Quebec, Northern Manitoba and Northern Saskatchewan, and three out of five seats in Northern Ontario. Predictably, the Liberals were shut out in Northern Alberta and Northern B.C., although the election of Conservative Ellis Ross in Skeena-Bulkley Valley in B.C. brought another highly influential Indigenous leader into the House of Commons. The Provincial North, for the first time, has a political presence of real substance. Northern representation in federal cabinet could lead to better outcomes, two territorial premiers say But the authority goes further. Rebecca Chartrand (representing a Northern Manitoba riding) is now the Minister of Northern and Arctic Affairs; Mandy Gull-Masty (representing a Northern Quebec riding) is the Minister of Indigenous Services; Patty Hajdu (who resides in Thunder Bay, Ont.) is Minister of Jobs, and Buckley Belanger (from Northern Saskatchewan) is Secretary of State for Rural Development. Rebecca Alty, from the Northwest Territories, is Minister of Crown-Indigenous Relations. Ms. Chartrand and Ms. Hajdu are also in charge of the federal economic development agencies for Northern Canada and Northern Ontario, respectively. The Provincial North has, for now, cabinet authority that matches the region's future economic importance. Proposed development projects in the Provincial North feature prominently in the national conversation. A bitumen pipeline from Alberta to the B.C. coast is the most controversial – and economically important. Extending northern-corridor development through to the coast of Hudson's Bay includes a region-changing proposal for a gas pipeline from Southern Manitoba. Ontario Premier Doug Ford has also pushed for the development of the province's Ring of Fire and defends the idea of a deep-sea port in James Bay. To this list can be added numerous major mining projects, the upgrading of the Hudson Bay Railway to the Port of Churchill, Man., and various road and energy proposals. The 'sleeper' in the development package, championed by Assembly of First Nations National Chief Cindy Woodhouse Nepinak, is the suggestion that Canada make a commitment to elevating infrastructure in Indigenous communities. Many communities in the Provincial North have substandard internet, water services, fire protection and roads, to say nothing of the most serious shortcoming in the region: housing. While not a traditional megaproject, a collective commitment of this nature could well form part of a 'grand bargain' that secures Indigenous support for resource and infrastructure plans. If Prime Minister Mark Carney's ambitious and still ill-defined plan for national economic renewal has a chance of success, the next decade will clearly be shaped by the development of the Provincial North. The people of the Provincial North should be clear winners in this endeavour, or Canada will be the loser.
Yahoo
10-08-2025
- Politics
- Yahoo
YAHOO POLL: Should citizenship be open to those who love Singapore?
In just six months, over 6,000 Malaysians renounced their citizenship to become Singaporeans. That's more than 1,000 switches per month – an eye-popping stat that's turning heads. Singapore's reputation for stability, opportunity and global prestige is a magnet. Senior Minister Lee Hsien Loong has openly stated that Singapore's economic future hinges on immigration. And the numbers seem to agree. Other polls YAHOO POLL: What is your favourite National Day song? YAHOO POLL: Should Singapore say yes to Malaysia's request for 4am buses? YAHOO POLL: Has Fantastic Four revived the MCU for you? From construction workers to tech professionals, migrant communities have long called Singapore their second home. Many helped build the city, literally. Now, they're building lives here too. Singapore grants citizenship to approximately 22,000 new citizens and records 30,000 citizen births every year. As more people choose Singapore, questions about national identity, cultural integration and resource allocation are bubbling up. Are we ready to embrace a more diverse future? Would you feel proud if someone chose Singapore as their new home? Should citizenship be earned or welcomed? We'd love to know your thoughts. Have your say and take the poll. Related Over 6,000 Malaysians gain Singapore citizenship in 6 months Migrant workers who helped build Singapore call it their second home Singapore's economic future hinges on immigration, SM Lee Hsien Loong says
Yahoo
08-08-2025
- Business
- Yahoo
Nebraska congressional delegation praises ‘One Big Beautiful Bill' amid signs of economic downturn
From left to right: U.S. Sen. Pete Ricketts, U.S. Sen. Deb Fischer, Rep. Mike Flood and Lincoln Chamber of Commerce CEO Jason Ball speak at a federal legislative summit at Nebraska's Strategic Air Command and Aerospace Museum in Ashland, Neb. (Erin Bamer/Nebraska Examiner) ASHLAND, Nebraska — Nebraska's congressional delegates spoke optimistically about federal policies helping the state's economic future, despite some warning signs that Nebraska's agricultural industry is struggling. Three of Nebraska's federal representatives — U.S. Sen. Deb Fischer, Sen. Pete Ricketts and Rep. Mike Flood — shared their thoughts Tuesday at a summit hosted by a collaboration of three of Nebraska's largest chambers of commerce. Reps. Don Bacon and Adrian Smith did not attend. Bacon was out of town, and Smith's flight was delayed out of Scottsbluff, though both sent video messages. All five said good things about the federal budget reconciliation bill that passed in early July, also known as the 'One Big Beautiful Bill.' Ricketts said the bill is 'fantastic for families,' because it prevents potential tax increases. He estimated the changes would increase families' average annual income between $4,000 and $7,000 over the next three years. Fischer said the bill also includes some safety measures for Nebraska's agricultural businesses that normally would have been included in the federal farm bill, which has yet to pass. These include improved trade promotion authority and better disaster aid for farmers, she said. Their optimism comes at a time of increasing reservations about the economy, both nationally and in Nebraska. The U.S. Labor Department just released a jobs report that erased roughly 258,000 that previous reports had estimated were added in May and June, reducing the job growth to about 19,000 new jobs in May and 14,000 jobs in June. Additionally, Nebraska's Gross Domestic Product dropped more than 6% during the first quarter of 2025 , according to a report from the U.S. Bureau of Economic Analysis. The report largely blamed the loss on a slowdown in the state's ag industry. Some have argued that President Donald Trump's aggressive tariff tactics have introduced uncertainty that hinders Nebraska businesses. But Flood said there were signs of a slowdown in Nebraska agriculture that predate Trump's second administration. He said he expressed these worries at the chamber's summit last year. 'We've seen this coming for the better part of a year,' Flood said. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX At the time, Flood's concerns were rooted in Nebraska's ongoing drought, but he said former President Joe Biden also shared some of the blame. Smith has argued previously that Biden did too little to promote agricultural trade. Part of the explanation lies in price drops in popular Nebraska row crops like corn and soybeans. Both Ricketts and Bacon said as much, and Ricketts said the budget reconciliation bill should help farmers by doubling U.S. investments in trade promotion and increasing opportunities for Nebraska farmers overseas. The summit's keynote speaker Rodney Davis, a former Illinois congressman and head of government affairs for the U.S. Chamber of Commerce, defended Trump's tariff strategy. He speculated that Trump is taking a more aggressive approach for 'leverage,' and guessed that if it causes too much economic pain Trump will be quick to change his direction. 'When you have leverage, you can make things better,' Davis said. Even Smith, who acknowledged he isn't the biggest fan of tariffs in his video message, said Trump's policies have 'leveled the playing field' internationally. Ricketts said allied countries like Australia and the United Kingdom have increased their purchases of U.S. exports because of these policies. Fischer shared similar thoughts, saying that though tariffs make people 'nervous,' Trump's approach has forced trade conversations where there previously weren't any. She claimed members of Nebraska's agricultural community said they are willing to give Trump time to enact these policies to see what benefits can be gained. This differs from the perspective of John Hansen, president of the Nebraska Farmers Union, who has said the U.S. is facing the worst farming financial crisis since the 1980s. He said he's been fielding calls to a crisis hotline for farmers that he helps operate, where people have shared their financial struggles. Though he has sympathy for tariff policies, he said they have to be done carefully and expressed reservations about now being the right time to act so aggressively. 'There's desperation in their voices,' Hansen said of the crisis calls he's received. 'They're up against the wall.' While Flood said he doesn't believe Trump's tariffs are contributing to Nebraska's agricultural slowdown, he hopes the president's negotiations will wrap up by Christmas. He noted that for businesses to thrive, they need certainty and predictability in federal policies. 'Certainty is what I crave,' Flood said. SUPPORT: YOU MAKE OUR WORK POSSIBLE
Fox News
06-08-2025
- Business
- Fox News
WATCH LIVE: President Trump makes announcement from Oval Office with Apple CEO Tim Cook
President Trump gives remarks from the Oval Office, focusing on a major initiative to boost U.S. manufacturing and the tech industry's role in America's economic future.
