The Courier-Mail

Pollies fiddling as stocks crash

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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

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