It’s payback time
27 Nov 2009
Professor Ian Harper had some words of warning for Docklands’ businesses when he addressed them at breakfast on October 30.
“You don’t get nothing for nothing folks,” he said in reference to the looming cost of paying back the national fiscal stimulus which had averted a serious recession in Australia.
Professor Harper is a member of City on a Hill (previously known as Docklands Church) and spoke at the first event which kicked off the church’s community weekend.
“Interest rates will rise and taxes will have to be realigned to recoup the money which has been spent,” he said. “The bill needs to be repaid.”
The Access Economics director said the global financial crisis stemmed from greed and was fundamentally a moral rather than a legislative problem.
“If the basis of the problem is a moral problem, then no laws can help,” he said.
He said it was time to have a conversation about the bad behaviour which had led to $4 trillion (four times the output of the Australian economy) being wiped out.
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