Governments around the world, including Australia, are using taxpayers’ money to support emerging industries. Now there are warnings these programs may achieve little.
The federal government and its $23 billion Future Made in Australia policy have been put on notice by the Productivity Commission, which has urged caution spending so much money on a program that may not play to Australia’s traditional economic advantages.
Of the $11.6 billion that could be attributed to specific sectors, the commission estimated $1.9 billion went to financial and insurance services businesses, $1.7 billion went to professional and scientific services, and $1.6 billion to the farm sector.
“A strong economy is one that makes the most of its relative strengths – but identifying points of comparative advantage is not straightforward,” he said. Robson said any government spending had to be both well-articulated and subject to rigorous public cost-benefit analysis.
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