BENSON:
David Bradbury, the economy has been the major debate in politics lately, particularly because the Treasurer has had such a spirited attack on Gina Rinehart, Twiggy Forrest and Clive Palmer, but according to the Financial Review this morning, business more broadly is concerned about those attacks, they're unhappy that the Government doesn't like business more broadly. What's your response to that concern?
BRADBURY:
The Treasurer's comments have been very clearly directed towards a very small proportion of our business elite, in particular those in our mining sector – a handful of individuals, in fact, that represent a very large interest, or vested interest, in the mining sector. I think the Treasurer made the point very clearly both in his Monthly essay and in his speech to the Press Club in saying that the real issue that he is concerned about here is not about success, it's not about wealth, it's ultimately one of the way in which some people are seeking to use their wealth and their resources to exert a disproportionate influence on the nature of the public policy debate, in particular where they seek to masquerade their arguments behind some bogus notion of the national interest when in fact what they are simply doing is pushing their own barrow. I think it's a valid point and certainly as I talk to people out there, both in the business community and more broadly, there is clearly a recognition that some of this has been happening. I don't think it's a good thing for democracy and ultimately I don't think it's a good thing for the economy.
BENSON:
But business people are expressing concerns in the pages of the Financial Review today. Most of them are anonymous. One named is Dick Warburton, a former Reserve Bank Board member, a man of some standing in business. He says that while the Treasurer is focussing on those individuals it's having an effect on the whole business community. Are you aware of that effect?
BRADBURY:
I suspect there will be some sensitivity among some throughout the community. When, as a Government, we took very strong action in relation to executive remuneration matters, something I had carriage of as Parliamentary Secretary, I know that there was considerable concern throughout various sectors of the corporate fraternity, but in the end we are here as a Government prepared to put in place the policies and the proposals that are necessary for the broader national interest.
BENSON:
So you're not concerned if some business people think you're a bit anti-business?
BRADBURY:
Look, we have a very strong pro-business agenda. If you take the mining tax, the mining tax will deliver cuts in the company tax rate. So companies all around Australia, big and small – in fact, small business will probably get an even bigger benefit as a result of the tax write-off proposals that we have in place – but big business and small business right around Australia, people generating wealth, creating jobs, they will, as a result of us trying to spread the benefits of the mining boom through the Minerals Resource Rent Tax have a cut in the company tax rate. So I think this is part of a broader debate, part of the broader economic discussion but as a Government I think we have very strong pro-business credentials. When it came to the global financial crisis, no government in the world worked more closely with the business sector to ensure that our economy was able to navigate those very tricky waters.
BENSON:
There's some ungenerous assessments of the Treasurer himself from some business people, again quoted in the Financial Review. One is he's a political animal but a policy lightweight. If you feel miffed about that you can take comfort from the fact that Joe Hockey also doesn't have high standing in these anonymous quotes. Joe Hockey's reputation among the business community is poor, according to a number of business people. They don't like you, they don't like the alternative.
BRADBURY:
The Treasurer has very strong economic management credentials. Whether it be the IMF, the World Bank, Euromoney Magazine, there are plenty of international players out there that have recognised the efforts of the Treasurer.
BENSON:
Can I just ask you about one other aspect of the news today which is China's growth forecasts. The Chinese Government is now saying it will have growth of 7.5 per cent, the first time in a decade growth has been below 8 per cent. What does that mean for Australia now that we're so dependent on Chinese growth?
BRADBURY:
The important point to make is that a very large proportion of the demand for our resources and our goods and services in Australia from China go towards servicing their own domestic population and indeed their own domestic growth strategy. So we are confident that while there continue to be challenges in the global economy, we're confident that China will continue to, certainly over the medium term, do what we expect and that is to continue the process of industrialisation and urbanisation and these are in fact the longer term drivers that are putting the demand in place for our resources and for the goods and services that we as a country are able to provide to the region.
BENSON:
David Bradbury, thank you very much.
BRADBURY:
Thanks very much Marius, good to talk to you.