Pollies fiddling as stocks crash
WHAT’S transpiring on the Australian Stock Exchange ( C-M, Aug 25) surely must be a wake-up call for politicians of all persuasions in this country.
While they play petty politics, many baby boomers’ retirement funds have been decimated by the massive losses on the ASX. If this trend continues, these retirees will become a burden on society as they seek government-funded pensions to maintain a reasonable lifestyle.
Some of the problems we are facing are outside any Australian government’s influence, but our absurd, blind reliance on resources and agriculture shows a huge lack of vision on both sides of politics. The Federal Government can talk all it likes about tax reform, but it is missing the main game.
It must support Australian industry by increasing funds in research and development, and in return, industry needs to be dynamic and innovative.
Australia needs to pick industries that will employ large numbers of our unemployed, while improving our terms of trade by exporting products that the world wants. Not an easy task, but that’s why we elect governments and continue to have faith in free enterprise. Jeffrey Sheppard, Lutwyche MANY Australians are experiencing fear over the loss of their investments in superannuation and other savings due to the global sharemarket crash.
Federal and state governments and opposition leaders should be reassuring people about our economic situation and taking steps to avoid the risk of another global financial crisis. Instead they seem preoccupied with smearing political candidates and royal commissioners and talking about gay marriage, recognition of indigenous people in the Constitution and other issues which are way down the list of priorities for most of us. Andre Lewis, Ormiston