Economic Policy

The Australian Companies Institute Limited (AUSBUY) is a supporter of a market economy as set out by Adam Smith in his 18th century book, 'The Wealth of Nations'. For this market to be free, government must act to curb the creation of monopolies and the abuse of market power. If monopolies exist they should be broken up.

The Australian Competition and Consumer Commission (ACCC) should be strengthened, and the Trade Practices Act rewritten to give the ACCC the power to control and protect the vulnerable. This does not entail the creation of more red tape to restrict the growth of enterprises and the creation of wealth.

The free market system is not perfect, but it has stood the test of time in a way that centralised economies have not. The market can be hard, even cruel, but these problems can and should be dealt with by safety nets paid for out of the wealth created by the market.

What we lack in Australia is a strategic plan for our future and how we will pay off our nation debt. Who is talking about a long term plan?

 

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