Australian Security - How Lucky Are We?

By: AUSBUY

When we think about security we think about armed forces. We also point to the ANZUS Treaty and a big brother who will, probably, protect us in a last resort capacity. This completely ignores our economic security, which has no guarantor of last resort. Selling our assets does nothing to help that security nor does borrowing money to support an unsustainable life style. Payment of excessive interest or dividends to overseas investors worsens the situation. Our Prime Minister claims to show leadership in the world stage, but is this possible when the vital decisions which influence our economy will be taken overseas.

Even this scenario assumes that we can continue to borrow money to support stimulus packages and a large Balance of Payments deficit. There is a naïve belief that spending excessively on imported goods represents economic activity. But can we be proud of this when our own companies cannot compete with cheap imports, many of which are subsidised by foreign countries? The Reserve Bank had the even more naïve belief that they could fight imported inflation by raising interest rates, which resulted in an overvalued dollar and seriously damaged our manufacturing capacity. We must rebuild our ability to produce, rediscover our ability to innovate and reform our investment market, and to add value to resources and produce, if we are to have economic security. This will mean rediscovering our traditional values and find once more the drive which built “the lucky country”.

Australia prides itself on being a country which provides a fair go for all and a helping hand for those who need it, but this requires economic prosperity to finance. To achieve this prosperity we must support and protect Australian-owned companies who will develop and market innovations and pay their fair share of tax to finance the security we all believe in, and who will make the decisions about our future here. Ownership means jobs and profits stay here and decisions are made here. Only we have a vested interest in our future.

Copyright © - This document cannot be used without our express permission

---