“Globalization does have winners and losers, but mostly we’re a winner,” says John Edwards, chief economist with HSBC Bank Australia Ltd. in Sydney. “When farmers in Korea protest against globalization, or miners in Germany protest globalization, they’re protesting against us.”
Australia’s winning recipe does not hew to a hard-line economic libertarianism. Government turned to labor unions to help secure productivity gains, and Australia maintains one of the world’s highest minimum wages, for instance.
At the turn of the 20th century, Australians were the richest people on the earth – a result of piles of gold and natural resources. But that advantage gradually eroded, until high unemployment and soaring inflation in the early 1980s convinced a left-leaning government to ditch protectionist policies and force Australian businesses to compete globally.’’
The other Party appointed by Wayne Swan
‘’TREASURER Wayne Swan announced today the appointment of economist John Edwards and BG Group’s Catherine Tanna to the board of the Reserve Bank of Australia.
Ms Tanna, an energy sector executive, replaces Donald McGauchie, who did not seek reappointment.
Mr Edwards, a former chief economist for HSBC Australia and New Zealand and also an ex-staffer of former Labor Prime Minister Paul Keating, will take the spot vacated by Warwick McKibbin, who steps down in July.’’
. Catherine Tanna
Executive Vice President & Managing Director, Australia
Catherine Tanna (47) joined BG Group plc in March 2009. Based in Brisbane, she is responsible for the Group’s activities in Australia. Formerly, she worked for Shell where she gained extensive LNG, gas transmission and power distribution experience, and before that BHP Petroleum where she worked in a number of exploration and production roles. She is a qualified solicitor in Australia and England. (k),(l)
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