One of the nation’s top bank analysts says Treasurer Jim Chalmers’ ambitions to remake capitalism signal a “significant change to a more interventionist approach to markets, finance and the economy.”
and said “investors should pay attention” to the “new era of values-based capitalism”.
Dr Chalmers sought to reassure corporates that he wanted a “powerful role for business in the new economy”, in a follow-up opinion article written for The Australian Financial Review.In light of the essay, Mr Mott said banks “will not be immune” from the government’s agenda and their returns could come “under threat” from new regulation as interest rates rose and borrowers defaulted on loans.
“And that we give ourselves a much better chance of prosperity and success if the private and public sectors work together – not at cross-purposes – to create national wealth and generate more opportunities for more people.Aaron Francis “Government has a leadership role to play but that doesn’t mean picking winners – it’s about finding the priorities and opportunities that capital can respond to, in ways that align our economic and national objectives.“And it’s about recognising the power of market-based discipline to help deliver social outcomes – moving away from the ‘spray and pray approach’ and towards investing with purpose.
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