News Limited finance guru Terry McCrann was the guest speaker at the July UDIA lunch attended by Collie.
In summary, McCrann suggested that our future is inextricably linked to the future of China. Although the economic growth in China has fuelled the resources boom that has kept our economy in better shape than most other developed countries, McCrann says it has been a double-edged sword. He says it has brought with it a two-speed economy where the rest of the Australian economy has been very sluggish. Whilst the net outcome has generally been positive, we can expect many non-mining related sectors to continue to struggle for some time to come. And that is the good news. Look out if China’s economy collapses. According to McCrann, that would put Australia on a similar footing to Greece and Italy. Ouch!
McCrann didn’t miss the opportunity to give a big tick of approval to the Victorian Treasurer and the Minister for Planning – but gave a big whack to the Victorian Premier. Ouch again! Readers of his columns in the press would not be surprised to hear that he also gave plenty of stick to the Prime Minister and the Federal Treasurer. Carbon tax anyone?
His entertaining presentation was laced with numerous graphs and tables showing the fluctuating fortunes of the Australian economy. Why do economists feel compelled to punctuate their presentations with so many graphs that the audience cannot read?
On the whole, it was a very interesting perspective that prompted several good questions from the floor and much lively discussion afterwards.
Enquires John Roney firstname.lastname@example.org