ANZ CEO: reform carries risks
(17 December 2010 – Australia) The chief executive officer of Australia and New Zealand Banking Group, Mike Smith, has warned the government to "break out of its short-term mind set" or risk undermining the nation’s prosperity.
Mr Smith, who has loudly declared his position on some of the banking reforms, has said that Australia must "act decisively on economic reform".
'Allowing a populist backlash against our most successful businesses, whether they be miners, telcos or banks ... will inevitably lead to a less prosperous future for all of us,' Mr Smith said at the bank’s annual meeting yesterday.
Mr Smith flagged his concern that the government was also 'allowing a long-standing commitment to open markets and globalisation to be undermined'.
ANZ’s CEO is also calling for 'pro-growth tax reform' and investment in infrastructure, education and research among other measures to better position the economy.
'Without a renewed commitment to bold economic reform and productivity improvements, Australia's current growth rates are unlikely to be sustained,' Mr Smith said.
'Allowing a populist backlash against our most successful businesses, whether they be miners, telcos or banks ... will inevitably lead to a less prosperous future for all of us,' Mr Smith said at the bank’s annual meeting yesterday.
Mr Smith flagged his concern that the government was also 'allowing a long-standing commitment to open markets and globalisation to be undermined'.
ANZ’s CEO is also calling for 'pro-growth tax reform' and investment in infrastructure, education and research among other measures to better position the economy.
'Without a renewed commitment to bold economic reform and productivity improvements, Australia's current growth rates are unlikely to be sustained,' Mr Smith said.
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