Australia: Call for more reform - ANZ

Research Team at ANZ, notes that in an echo of Treasurer Keating’s mid 1980s banana republic warning, Treasurer Scott Morrison has called for more reform this morning as he warns against complacency over budget repair.

Key Quotes

“In his view, complacency has been fostered by the fact that Australia last experienced a recession in the early 1990s, where we estimate that 41% of the working age population has not seen a recession. While we support more reform as a way of both boosting productivity and lifting incomes and look for an eventual return to budget balance, we think it will be difficult to implement change given a more fragmented senate following the last election.”