Malcolm Turnbull has launched the Coalition’s election campaign from platforms aimed at growth, job creation and structural transformation of the Australian economy.
However, the actions that are being proposed fall short of what a sluggish economy needs in the aftermath of the mining boom, according to a Professor of Economics at Griffith Business School.
Fabrizio Carmignani, Head of the Department of Accounting, Finance and Economics, argues that the economic strategy is not enough to bring about the government’s economic objectives.
“What the Coalition is doing to generate growth and promote job creation is the usual story,” Professor Carmignani said.
“They appear to believe that cutting taxes and throwing money at infrastructure is automatically going to achieve this, but it is not even halfway there.
“Their objectives, the transformation of the economy, are correctly identified, but diversification of the economy does not happen just because taxes are cut.
“Equally, encouraging small and medium business is good and to be welcomed, but in my opinion this is necessary but not sufficient.
“Cutting taxes is a sound way to support entrepreneurs but this does mean not that entrepreneurs will invest and create work in new sectors.
“The Coalition is taking a minimalist approach – cut taxes and a miracle will happen.”