The Heart and
Voice | Representation | Social Infrastructure
Public Consultation - Tell us what
of Economic Power in Australia
What should be done in Banking, Retailing, Media, and Mining? How can we develop a Widespread Ownership of Capital?
Here are a number of options for tackling the concentration of economic power in Australia in banking, retailing, media and mining, and building up a widespread ownership of capital amongst Australians. Choose the options you support (by ticking the appropriate box), and adding additional comments or suggestions.
Australia has one of the most concentrated and least entrepreneurial corporate sectors in the western world.
With the possible exception of Billabong Surfwear and the Cochlear ear transplant, there are no Australian companies that are global brand names (Qantas is in rapid decline) and few that can claim to be global pacesetters in innovation. Most of Australia's corporates are content to be big fish in a little pond, wielding levels of market share in the domestic economy that most western countries prohibit, while the global economy passes them by like a visiting circus.
Both major parties have supervised the growing concentration of economic power in Australia. Both have failed to restrain the anti-competitive culture of big business, erected unnecessary barriers to entry for competitors, and failed to stand up for consumers and small businesses. The big four banks, the big two retailers, and a handful of media barons return the favour to the two major parties with substantial corporate donations.
The mining boom has compounded the problem of concentrated ownership. A new generation of landowning mining magnates have found themselves in possession of vast financial assets and economic power, which they are using to acquire interests in media, football clubs, tourism resorts, gaming facilities and property, but not in knowledge-based innovation or technology.
Everyone knows the problem. The two major
parties have been part of the problem, and are incapable of doing anything about it. As citizens, we
take the initiative ourselves.
Thanks for your input.
We will public a draft policy incorporating the results of this survey, which will be prepared by the Public Commission for New Forms of Governance and Leadership in Australia.
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