“If the story of financial vandalism is not sufficient evidence to the contrary, there is also the global competitiveness index score card released this week by the World Economic Forum. This group, which ranks 144 nations, found Australia slipped down the ladder in a number of crucial areas in the four years from 2007-08 to 2012-2013.
In terms of wastefulness of government spending, we went from 10th place to 48, in terms of the burden of government regulation, we dropped from 68 to 96. Transparency – from 12 to 29, government effectiveness – 5 to 18, government debt – 16 to 30, flexibility of wage determination – 87 to 125, labour market efficiency – 13 to 42, hiring and firing practices – 63 to 120, pay and productivity – 40 to 80.
This is the scorecard of a nation that is going backward, a nation in decline, not a nation that is harnessing its mineral wealth and implementing reforms.” Piers Akerman – Swan’s debt dive an act of financial vandalism