NAB chief reform call
AUSTRALIA badly needs to reform its tax system and labour laws and cut red tape if it wants to maintain current living standards, the head of one of the country’s largest banks has warned. National Australia Bank chief executive Andrew Thorburn laid out the case for urgent major economic reform in a speech in Sydney yesterday, saying 24 years of uninterrupted economic growth had bred complacency. “If we don’t change, our living standards will inevitably fall,” he told the TransTasman Business Circle lunch. He urged the country to look to New Zealand for economic guidance.