#IMFWB girls ready for the 1st day of meetings! Kicking off with @Bowenchris & @sussanley @globalvoicesau @UNSWCoop pic.twitter.com/d5kOte99Kr
— Zoe Diamond (@zdiamond_) September 8, 2015
9:00AM The Hon. Chris Bowen MP for MacMahon
Shadow Treasurer
I asked Mr. Bowen, where he saw future growth in the Australian economy in the wake of economic challenges such as the end of the mining boom, slowing Chinese growth and an ageing population. He cited:
- The shift from mining construction, a labour intensive process, to mining export, a highly capital intensive process, as a major concern for joblessness, especially in rural and remote communities
- Government facilitating competitiveness, particularly in the financial services industry, which is positioned to benefit from the growing Asian middle class. Notably, only 5% of funds under management in Australia are foreign, demonstrating significant room for growth.
- The “protein revolution” in Asia as a great opportunity for growth in agri-business that can be facilitated by foreign investment
- Increasing demand for education, especially given the growing Asian middle class. Increasing this export will also form valuable links between Australian and future Asian leaders.
Mr. Bowen also enforced his view on the need to be proactive in the green energy space, implement an emissions trading scheme with a floating price and commit to a strong renewable energy target, while recognising that coal will still remain an important part of our economy and for years to come.
9:30AM NSW Senator The Hon. Fiona Nash
Assistant Minister for Health
10:30AM US Embassy to Canberra
Michael Roberts - Deputy Economic Counselor
Interestingly, Mr. Roberts touched on cultural differences between the US and Australia such as Australia’s ‘tall poppy syndrome’ and societal view on what constitutes failure. He suggested that more lenient bankruptcy laws in the US encourage a more entrepreneurial, risk-taking, innovative society that perhaps Australia should look to emulate given the rapid pace of technological change.
I specifically asked Mr. Roberts about the criticism US companies had faced in Australia regarding corporate tax avoidance (CTA) and how America views the global effort to combat the issue. He stated that American companies had felt as if they were being singled out in the Australian media and through the political response. He also expressed concerns that Australia is implementing anti-BEPS reform more rapidly than the rest of the OCED and G20.
Given the importance of the US on the international stage and our close economic ties with them, Mr. Roberts insights were highly topical and definitely provided important context to take to Lima.
Souvenir from our meeting with @USAembassyinOZ discussing Aus-US Econ relations @globalvoicesau pic.twitter.com/xgoPcNkJuP
— Zoe Diamond (@zdiamond_) September 9, 2015
12:45PM The Hon. Julie Bishop MP for Curtin
Minister for Foreign Affairs
Ms. Bishop addressed the recently announced climate change targets and said the world could come to an agreement at COP21 in Paris. She also addressed Australia’s priorities in promoting the empowerment of women in foreign countries by tying equality outcomes to foreign aid. Ms. Bishop also reinforced that Australia is a strong and credible nation on the world stage and that promoting economic growth lifts people out of poverty.
Just spoke to @JulieBishopMP about Syria, refugees and Indonesia. Fascinating insight. @globalvoicesau @MonashUni pic.twitter.com/Wdj64dcoMm
— Ben Needleman (@BenNeedleman) September 9, 2015
2:00PM Professor Warwick McKibbin
Australian National University
Stunning views of Lake Burley Griffin as we travel to ANU to meet with #IMFWB academic advisor @WarwickMcKibbin
— Zoe Diamond (@zdiamond_) September 9, 2015
3:30PM The Hon. Josh Frydenburg MP for Kooyong
Assistant Treasurer
He then provided GV delegates with some very wise career advice on the importance of resilience and thinking of the long-game when planning your career. He also stressed the importance of working, living or studying abroad in broadening your horizons and creating better political operatives. Mr Frydenburg praised the New Colombo Plan and his desire to encourage Aussie kids to study Asian languages.
I asked Mr. Frydenburg how he saw Australia securing our taxation revenue base. He sighted the price of iron ore declining from $120 - $20/tonne reducing government tax revenue by $100 billion as a key challenge that highlighted the immediate need to sure up the revenue base. The Assistant Treasurer said the government has two priorities - increasing integrity measures, such as ensuring MNEs pay their fair share of corporate tax and enforcing GST on online purchases less than $1000, as well as "growing the pie" through promoting trade and boosting economic growth.
Mr. Frydenburg also discussed the topical China-Australia Free Trade Agreement which is currently being debated in Parliament and the importance of strengthening the relationship with our largest trading partner, citing the success of the 2008 NZ FTA with China which resulted in a $2 billion boost to the NZ dairy industry, compared to Australia's $70 million growth in the same period. Finalising the FTA would be the first FTA China has signed with a G20 country.
Great to hear @JoshFrydenberg perspective on the future of the Aus economy and our relationship with China #auspol
— Zoe Diamond (@zdiamond_) September 9, 2015
An exciting Q&A with the delegates of @globalvoicesau before they leave to represent Australia overseas. #auspol pic.twitter.com/xKlJAufkuc
— Josh Frydenberg (@JoshFrydenberg) September 9, 2015
4:00PM Elizabeth Williamson
Senior Advisor to the Prime Minister and Cabinet & Global Voices Board Member
3:30PM The Hon. Tony Burke MP for Watson
Shadow Finance Minister
Mr Burke highlighted the advantage GV delegates had in participating in these global forums, having grown up in a multicultural society. He also stressed that the key to effective international policy required a combination of both the right moment and the right strategy.
Enjoying the beautiful photography and surrounds of the tactics room with @Tony_Burke @globalvoicesau pic.twitter.com/DKAzAN63kO
— Global Voices (@globalvoicesau) September 9, 2015
Amazing first day! So excited for tomorrow @globalvoicesau @UNSWCoop #IMFWB #RoadToLima #APH pic.twitter.com/jPjhqhUwlw
— Zoe Diamond (@zdiamond_) September 9, 2015