great crash of

Clarion call for salvaging economy

In a private address to top officials of the Australian Treasury in Canberra on Tuesday, Professor Garnaut blamed two factors that had taken hold in ''the last half dozen Womens Ryan Clady Jersey years''.Living standards would fall unless governments made tough reforms.''After a while, we have restored the old Australian political culture which had guided our chronic underperformance through the first eight decades of our federation.''The Rudd and Howard governments had rewarded companies and industries for demanding special subsidies and handouts, a ''culture of rent seeking,'' he said.Professor Garnaut called on Mr Rudd to live up to his own rhetoric to control government spending and reform the economy.The Melbourne University academic advised the Rudd Government on climate change policy and was economic adviser to the Ryan Clady Jersey former Labor prime Authentic Von Miller Jersey minister, Bob Hawke, in the pivotal reforms of the 1980s.He recalled Mr Rudd's demand during the 2007 election campaign that the Howard government's ''reckless spending has Authentic Ryan Clady Jersey to stop''.''It was wise to increase government spending to offset the great crash of 2008, but now is the time to Womens Von Miller Jersey deliver.''The renewal of the mining boom would not save the economy in the medium term. As the mining industry opened mines to feed the global demand, it would eventually lead to a rush of new commodities onto the world market.And in the past decade the Howard and Rudd governments had responded by ''lifting all restraints on government spending and tax cuts''.Professor Garnaut said ''the idea went around that managing the economy was easy, and that you could have change by buying off every interest Von Miller Jersey group with dollops of money.The high point of this return to the old indulgent political culture was the Howard government's version of the emissions trading scheme.''We have two big challenges ahead. First, we have to reduce public expectations of rising living standards.''Second, we have to change the political culture to raise productivity growth'' through a wide range of reforms.Latest NewsIsrael threatens Hezbollah with full scale conflict as cross border shelling leaves UN peacekeeper and two Israeli soldiers deadCricketer Grace Harris smashes 151 not out off 74 ballsPeanut allergy treatment success by Melbourne researchers brings hope of cureBrett Lee can conjure a final miracle as Perth Scorchers beat Sydney Sixers in Big Bash finalClimate change may cause havoc for little penguinsEditor PicksStakeholders agree: violence against paramedics not a "Port Augusta issue"Australia Day Celebrations PHOTOSBarngarla Native Title Claim grantedPort Augusta farewells one of the community most generous "Melting" roads cause concern