Ian Harper Explains the Economy
Posted
on Apr 25, 2012
 |
Now in its seventh year, the Boroondara Paper Breakfast invites prominent speakers to present topics and issues relevant to professional and community groups. This year, one of Australia's best-known economists, Prof Ian Harper, provided his insights and predictions on the local and global economy. |
Professor Harper has worked closely with governments, banks, corporates and leading professional services firms at the highest level. He did us a great service by reviewing the current economic situation in terms that we could all understand. In summary:
The ‘two-speed’ phenomenon is evident globally, nationally and locally
- Driven by rapid economic development of China and India
Australia’s ‘dream run’ at an aggregate level masks structural tensions between industries and regions
- north & west => fast
- south and east => slow
- resources are being re-allocated across industries and regions
Victoria is holding up but outlook is weaker
- population growth has fallen back => weaker housing demand
- some wash-back from mining boom to professional services and retail
Snippets from a great talk:
Two tiny but fascinating comparisons were:
- Just as Germany is riding high in Europe, so is WA in Australia
- Just as Greece is wallowing in Europe, so is Tasmania in Australia
- So the ‘two-speed economy’ is definitely not a purely Australian phenomenon.
Questions un-answered due to time constraints:
- “India’s economy has boomed since an economist (Manmohan Singh) came to political power. How soon will you run for political office?”
- “Should we limit the already hectic growth of mining immediately, in order to ease the pain being felt by the rest of the economy?”
Conclusion:
Consummate Professional MC Tony Charlton wound up the breakfast, after RC Glenferrie President Don Heath thanked Professor Harper and Sponsor Nick Coker of Bendigo Community Bank. Funds raised from the breakfast will be directed to the Boroondara Family Network.
The ‘two-speed’ phenomenon is evident globally, nationally and locally
- Driven by rapid economic development of China and India
Australia’s ‘dream run’ at an aggregate level masks structural tensions between industries and regions
- north & west => fast
- south and east => slow
- resources are being re-allocated across industries and regions
Victoria is holding up but outlook is weaker
- population growth has fallen back => weaker housing demand
- some wash-back from mining boom to professional services and retail
Snippets from a great talk:
Two tiny but fascinating comparisons were:
- Just as Germany is riding high in Europe, so is WA in Australia
- Just as Greece is wallowing in Europe, so is Tasmania in Australia
- So the ‘two-speed economy’ is definitely not a purely Australian phenomenon.
Questions un-answered due to time constraints:
- “India’s economy has boomed since an economist (Manmohan Singh) came to political power. How soon will you run for political office?”
- “Should we limit the already hectic growth of mining immediately, in order to ease the pain being felt by the rest of the economy?”
Conclusion:
Consummate Professional MC Tony Charlton wound up the breakfast, after RC Glenferrie President Don Heath thanked Professor Harper and Sponsor Nick Coker of Bendigo Community Bank. Funds raised from the breakfast will be directed to the Boroondara Family Network.