The treasurer is proposing a model of capitalism underpinned by social values that are being increasingly demanded of governments and business by the community, writes Graeme Samuel.
For those interested at the policy implications of the philosophy discussed by Chalmers, I would urge them to read the essay carefully and with an open mind, uncluttered by the commentaries of the past few days.long since discarded. But that would reflect a very superficial reading of its content, and a myopic view of evolving community attitudes, doubtless influenced by an ideological predisposition or bias.
Then his thesis came under attack. The Friedman thesis is now being discarded in favour of a model that also reflects the community aspirations of a social purpose Larry Fink, the head of investment giant BlackRock, with $8.8 trillion funds under management, wrote in 2018 that with governments failing to prepare for the future, people were looking to companies to deliver not only financial performance, but also a positive contribution to society, benefiting customers and communities as well as shareholders.
When corporations are paying chief executives 150 times or more than the median employee, those executives claiming to be solving society’s ills can expect pushback.
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‘Pushing policy more to the left’: Jim Chalmers pens essay on Australia’s economic futureTreasurer Jim Chalmers has produced an essay which appears to discuss more about intervention and pushing the economy in directions the government wants on issues like clean energy, according to Sky News Political Editor Andrew Clennell. “The Australian Financial Review editorialised against this essay this morning with the rather blunt headline that ‘Chalmers' new manifesto ignores all the lessons of Hawke and Keating’, suggesting Mr Chalmers was taking up a kind of socialist agenda,” Mr Clennell said. “I do feel that generally speaking, there is a little bit of tension between Anthony Albanese and Jim Chalmers, with Chalmers pushing policy more to the left than Albanese. “There is a view in the Labor Party too that Mr Chalmers no doubt has an agenda to appeal to the Labor Party membership in order to one day get their votes for the leadership.”
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Chalmers ‘advocating’ for ‘regulation and red tape’ on businessesThis year Australians are going to see a lot more of the Albanese Labor government in their 'business”, says Shadow Immigration Minister Dan Tehan. This comes after Treasurer Jim Chalmers vowed to “remake capitalism”. “What he’s advocating for is bigger government, more taxes, more public servants and I think most concerning of all to small business … more regulation, more red tape,” Mr Tehan told Sky News Australia. “I think it’s a recipe for regulation and red tape, for government and public servants dictating how you will run your small business, not leaving it up to you to do what you can do best, and that’s to generate jobs in this country.”
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Chalmers taps banks and super to fix social disadvantageThe Treasurer is working on plans to attract banks and superannuation funds to set up a social impact investing fund to tackle “entrenched disadvantage” in the May federal budget.
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Chalmers plans ‘more taxes, red tape and spending’, Taylor saysShadow treasurer Angus Taylor says Jim Chalmers’ manifesto to remake capitalism is a throwback to the “chaos” of the Whitlam era, while other observers gave more positive reactions.
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Jim Chalmers joins the global backlash against free marketsSupport for free market orthodoxy is waning, but companies will be hoping politicians take the Biden approach of subsidies, rather than the Albanese approach of dictating prices, writes Karen Maley.
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