For governments to meet their ambitious budget deficit-reduction forecasts, they must embrace a more ambitious agenda for growth.
In an event almost as rare as a full lunar eclipse, the recent national accounts figures released by the Australian Bureau of Statistics have sparked a debate, and a welcome one at that, about the appropriateness of national economic growth rates. The ABS data showed real gross domestic product in seasonally adjusted terms rose by 0.9 per cent during the March quarter of this year, and by 0.6 per cent in trend terms.
The key contributor to this outcome was our export performance, with the seasonally adjusted value of goods and services exports rising 5 per cent during the quarter, representing the best quarterly export growth in about 16 years.
It is certainly true that the overall GDP quarterly result surprised many economic analysts and business commentators, with some pre-emptively suggesting in media circles that a recession is on the cards.
The stronger than expected economic performance led Treasurer Joe Hockey to refer to the latest statistics as a "terrific set of numbers", derisively referring to the doomsayers as "clowns" who have "been proven to be looking foolish".
It might be difficult for the general public to become too animated about economic growth trends, and movements in quarterly figures are subject to high variability in any case, but thinking and talking about growth is much more than a wonkish debate between economists and politicians.
Indeed, every Australian regardless of their background, occupation, or political affiliation, has a deep stake in economic growth and we should all desire stronger growth rates in our economy, especially in the areas of private investment and international trade.
We all should desire stronger growth because that translates into better living standards over time, meaning more abundant food, clothing, shelter, transportation, entertainment, and other goods and services helping to improve our quality of life.
We should desire stronger growth because we care about the poor and their desire for enrichment, and this necessitates a growing economy with more ample and cheaper supplies to live comfortably as well as better opportunities to access meaningful, highly-paying work.
Stronger growth means we don't fray the fabric of our democratic political system and robust civil society by getting caught up in zero-sum distributional fights with each other, since there would be more income and wealth to share around for all those who want them.
We also want stronger growth because we want a greater abundance of resources to help protect the environment, including the economic means to generate more scientific knowledge and innovation addressing the great ecological problems of our time.
Although fiscal and regulatory interventions by the public sector invariably do more harm to growth than good, even governments want stronger growth, not least because their electoral credibility depends on their meeting budget targets reliant upon a faster rate of GDP growth.
Eyebrows were certainly raised last month when the federal government outlined a fast track for deficit reduction by assuming not a can opener, as economists are wont to do when they want a feel-good message, but stronger real growth from 2.5 per cent last financial year up to 3.25 per cent during 2016-17.
For its part the ACT government is also forecasting the Territory budget deficit will decline, and in fact even return to surplus by the end of the forward estimates, on the back of an "achieve budget repair by assuming growth" trick.
Politicians might look upon those who prognosticate about economic doom and gloom with contempt and disdain, but the fact is that the Australian economy, as reflected in our underwhelming economic growth rate, has been underperforming for far too long.
Over the past 50 years, real GDP in Australia has grown at a rate of about 3.5 per cent a year, and so this provides something of a threshold rate of growth which should ideally be attained if Australians are to enjoy prosperous circumstances on a sustained basis.
Using the well-known "rule of 70" in economics, which indicates how long it would take for an economy to double its size, if we were to sustain a 3.5 per cent real growth rate into the future it would take about 20 years for the Australian economy to double in size.
Right now the annual GDP growth rate is about 2.3 per cent, and this implies it would take the Australian economy roughly 30 years to double in size, in other words adding another whole decade for that compounded outcome to be achieved.
Growth rates in an economy will be affected by a wide range of factors, including external developments such as the shifting patterns of production and consumption in our export markets, many of which cannot be influenced by governments.
But if there are domestic policies inhibiting GDP growth it is not reasonable to maintain them, especially on account of sectional political interests, if it means Australians are deprived of even better living standards for longer.
Other statistics released by the ABS showing flagging labour productivity growth, and a national income crunch as commodity prices recede, giving further credence to the notion that Australia is vastly underperforming its economic potential.
So, what the economic statistics illustrate quite clearly is that we need to "go for growth", and we cannot rely exclusively upon China and the rest of the world for growth to be bolstered.
The economic freedom empirical literature compellingly illustrates that policies oriented toward relaxing constraints upon market activities, such as a lighter tax load, and labour and product market deregulatory measures, are a sound way to bring about a return to growth.
A return to growth will also be shaped by what policymakers do not do.
There are certainly numerous Australian policy pundits calling for redistribution policies to suppress inequalities, but these ideas should be looked upon most sceptically.
This is because various proposals to redistribute income, such as steeply progressive taxes, will harm growth by sapping economic incentives to better serve customers, here and abroad, and not to mention inhibiting upward mobility by the poor.
But with the lingering effects of the global financial crisis still with us almost a decade on, remaining in our reform slumber simply cannot be a viable option for economic improvement.
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