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Never a Better Time to Invest

By Moray St and In Urban


intellectual leadership in urban and regional policy. Yet we are witnessing an unprecedented attack on the resourcing of our planning schools, with the demise of the Urban and Environmental Program (UEP) at ANU signalling a new low. Good urban policy is crucial to Australia’s prosperity and its capacity to build a just and inclusive society. The reasons have to do with building competitive advantage in a globalised economy, and the need to find new ways of redistributing wealth. What distinguishes our times is the degree of maturity in the integration of global capital markets. Capital can move swiftly from nation to nation in response to privately assessed risks and opportunities. Governments must act as much to reassure international investors of their economic prudence and competitiveness, as to win favour with local electorates. This is particularly true of small, advanced countries like Australia which are dependent on global savings for investment and growth. Any discretion which governments might enjoy in the traditional areas of macro-economic policy – taxation levels, monetary policy, deficit spending, the exchange rate and so on – is ever more constrained. The unwritten accountability to world capital markets is bringing about a convergence in macro-economic policy, regardless of the political bias of the nations in question. Also in this issue....

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Year: 2011
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