Take Michael Costa in today's Oz, commenting on the latest piece of policy dross from our glorious Treasurer:
WAYNE Swan's legislation requiring shareholders to approve executive termination payments worth more than a year's base salary is another political stunt from a government that has run out of economic policy steam.
As well as nailing the Treasurer for his class warfare crap Costa also analyses what appear to be some of Swan's simplistic motivations:
Swan seems to think the interests of the broader community and the individual shareholder are one and the same. They are not. Shareholders want their companies to do well. Often this is at the expense of other companies and their shareholders. The community, on the other hand, wants the best and cheapest products. Workers want their firm to survive and provide job security. Their job security and wages, despite union attempts to take wages out of competition, often come at the expense of rival firms. Workers want the equity investments in their super funds to perform well even if they happen to be in rival firms. These are the fundamental tensions in our economic system. It is the creative destruction that provides our enviable standard of living. The sooner the Government wakes up to this, the better off we all will be.
Of course, when one looks at the Treasurers employment history his failings are easy to understand - he has never held a private sector job.
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