Time to open up the world for business

In The Australian today:
“Founded exactly six years ago, the G20 is battling to prove its continued relevance. Yes, Aust­ralia has never hosted a gathering of world leaders as eminent as that taking place in Brisbane; but the question is whether the enormous effort and expense will ultimately enhance global prosperity.”

About Henry Ergas

Henry Ergas AO is a columnist for The Australian. From 2009 to 2015 he was Senior Economic Adviser to Deloitte Australia and from 2009 to 2017 was Professor of Infrastructure Economics at the University of Wollongong’s SMART Infrastructure Facility. He joined SMART and Deloitte after working as a consultant economist at NECG, CRA International and Concept Economics. Prior to that, he was an economist at the OECD in Paris from the late 1970s until the early 1990s. At the OECD, he headed the Secretary-General’s Task Force on Structural Adjustment (1984-1987), which concentrated on improving the efficiency of government policies in a wide range of areas, and was subsequently Counsellor for Structural Policy in the Economics Department. He has taught at a range of universities, undertaken a number of government inquiries and served as a Lay Member of the New Zealand High Court. In 2016, he was made an Officer in the Order of Australia.
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34 Responses to Time to open up the world for business

  1. Alfonso says:

    “the question is whether the enormous effort and expense will ultimately enhance global prosperity.”

    Well, there are some arses to be protected first…….

    “On Sunday in Brisbane the G20 will announce that bank deposits are just part of commercial banks’ capital structure, and also that they are far from the most senior portion of that structure. With deposits then subjected to a decline in nominal value following a bank failure, it is self-evident that a bank deposit is no longer money in the way a banknote is.” Zero Hedge.

  2. Eyrie says:

    A gathering of alpha psychopaths.

  3. Percy says:

    The G20 or the Cat Eyrie?

  4. Token says:

    It cost almost 1/2 billion to hold this gab fest. I hope the tax eating class enjoyed living high as they squandered my taxes.

  5. Percy says:

    but the question is whether the enormous effort and expense will ultimately enhance global prosperity

    Probably not, as items like this are no doubt on their agenda….

    G20 Brisbane: Five corporate tax havens around the world and how the summit can crack down on them

    Wouldn’t the world be a better place if that headline read: G20 Brisbane: Five corporate tax havens around the world and how the summit can create more of them.

  6. Token, I’m (sort of) surprised at the cost. Do you have link for this?

  7. Ant says:

    Where’s “Global Warming” on their agenda.

    If it’s down alongside things like technological advancements in condom elasticity then it can’t be all bad.

  8. Aussieute says:

    @Percy low tax countries are exposing the rest Calledcompetition Should be heaps more The need to form their own group to expose the restas rippoffs

  9. Eyrie says:

    The G20, Percy.

  10. Mayan says:

    Quite apart from prosperity, it shows a mindset of utter contempt for civil liberties as shown by its takeover the CBD and draconian laws enacted because of it.

  11. Grigory M says:

    Where’s “Global Warming” on their agenda.

    What “Global Warming”? Ban Ki Moon is on the sidelines, waving furiously about Climate Change being the “defining issue of our time”. Guess he can see the free money source drying up. Sad, eh.

  12. Ant says:

    My heart bleeds for Spanky.

  13. Roger says:

    Here Winston.

    The figure of $400m is being quoted although my understanding was that figure was budgeted for hosting all the various G20 events throughout 2014, not just the Brisbane summit.

    There are extra costs to be borne by Queenslanders.

    Thanks Julia and Wayne!

  14. Thanks Roger. For that money, they could buy a purpose built ship and sail it all over the world in search of lost causes, with the chance of drowning.

  15. gabrianga says:

    Can’t fail to enhance global prosperity.

    Before President Obama began speaking, the audience was pepped up with tunes from U2 and James Brown. <strong>LINK

    The Leader of the Free World? More like the Leader for Free Lunches?

  16. The Leader of the Free World? More like the Leader for Free Lunches?

    Just switched him off. He’s now spruiking the Climate Change Kool-Aid.

  17. cynical1 says:

    the enormous effort and expense will ultimately enhance global prosperity.”

    It will certainly help emissions.

    Verbal, Co2 and bovine shite….

    What happened to NBN and video conferences?

    Some pigs are just too equal for that, I suppose…

  18. Spongebob Steve Pants says:

    Obama is on TV speaking live from UQ in Brisbane.

    Pretty much spreading the same class warfare/feminism lines that he always has.

    He is dreamy though.

  19. gabrianga says:

    I knew it! I knew it!

    It’s these fucking “oldies” who are stuffing up the world with “their” Global Warming, so says the Wise Guy from the West.

    Hasn’t anyone informed him that most Asian countries show respect for their elders?

    The plug for “alternative sources of energy” to be embraced by the young was Obama’s usual tacky sickly summation of all the world’s problems.

    Beware run off for 1st President of New World Order between Obama and fellow Malthusian, Ban Ki of U.N. fame

  20. Up The Workers! says:

    Half a billion dollars to be paid by Queenslanders?

    No Worries!

    Clive has big pockets.

    I hear they’re “Made in China”!

  21. Andrew says:

    And then the horrible Blabbersac after him – FMD.

    Can someone please just get up and say “Listen Kenyan, you and your corrupt mate al-Gore had all Sept to talk about that at the FUCKING CLIMATE CHANGE CONFERENCE!! This is the ECONOMIC CONFERENCE.”

    WTF gives these idiots the right???

  22. tomix says:

    Is the speech at Mayne Hall? There was a great picture in the Courier Mail in 1985 of the riot there when the UQ awarded Bjelke Petersen an honorary Doctor of Law.

  23. rebel with cause says:

    To be fair, the G20 wouldn’t cost half as much to cost if it wasn’t for deranged lefty vandals and the headloppers

  24. Tel says:

    The Junket-20 is a global joke. I’ll take them seriously on their climate change policy when they save a lot of jet fuel and do it on phone conference.

  25. Rabz says:

    as far as I am concerned they should be hanging by piano wire from the lampposts of Brisbane

    And no doubt there are numerous swampfilth ‘demonstrating’ there who would agree with you, but for very different reasons.

  26. Spider says:

    #1513670, posted on November 15, 2014 at 11:16 am
    Where’s “Global Warming” on their agenda.

    According to the ABC News there is nothing but climate change on the G20 agenda.

    Holy shit. Let’s mention climate change one more time. Oh wait let’s throw in a shirt front. Yuk yuk yuk.

    Please crack that bloke with the guy Fawkes mask on the head.

  27. jock says:

    Just saw obamas speech at queensland uni. Climate takes centre stage to rapturous applause. The spiv in chief still has it. …..except in the states. What an utter joke. Where is his carbon tax. Where is the chinese co2 reduction. Everything is on the never never. Thr speech was to the never never ……worked. why was this cretin invited to the g20.?

  28. Aged conservative says:

    Henry: I am wondering whether you are at all sensitive to the thought that our global corporate leadership appears to have driven us down the Minsky route? Of course we don’t really think a bunch of chimps in suits will sort this out. But it is highly unlikely that the chaos who gave CDO a popular meaning will on any way provide helpful leadership.
    Our potential crisis is the failure of market economies and the rise of state directed capital. As it is clear that our chinese friends have created something of a juggernaut.
    Criticism of business leaders is what’s called for. Until they start acting like capitalists and competitors.

  29. iamok says:

    And yet down here in Victoria they are about to elect the incompetent Labor again. The gap between intent and reality is gaping.

  30. Andrew McRae says:

    “Opening the world up for business” sounds like like it is just code for outsourcing and offshoring everything to low cost labour countries. The challenge for Austrian economics, or economic rationalism of any kind, has always been: if we agree to an action that manifests the belief that the purpose of the economy is production and not employment, how long until my job is next on the chopping block and what do I do after that (especially when the new money earners pay no tax into our national welfare scheme) ?
    Let’s accept that nearly every job can be done cheaper in Asia and Africa. How many of those have to stay here even if they would be cheaper in another country, and how low does their salary go as a result.
    In other words, what will belief in the Austrian school cost you?
    Because people believe ideologies only for as long as they can afford to act in accordance with it… then they stop believing.

    On the plus side, if the G20 protestors talk so much about removing subsidies for fossil fuels, and the climate skeptics talk so much about removing renewables subsidies, why don’t we just all agree to remove all subsidies for all energy-related activities and see what happens next. My guess is, the fossil fuel companies will simply take up the slack in R&D for new reserves, because FFs are actually inherently worthwhile, but the fly-by-night renewables ventures will simply close because they aren’t inherently worthwhile. A fair fight, in other words.

  31. entropy says:

    you’re funny Andrew!

  32. Crossie says:

    why don’t we just all agree to remove all subsidies for all energy-related activities and see what happens next.

    Of course, that would be the fairstest and most sensible approach. But then how would politicians be able to reward their friends?

  33. Eyrie says:

    Crossie, as Prof Reynolds keeps saying “not enough opportunities for graft”.

  34. Linden says:

    What ever happened to the Moree Solar and Wind farm project, it had a budget of $1.4 billion, Rudd/Gillard tipped in $460 mill thereabouts. As I understand it went belly up after 12 months!

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