Over the past quarter of a century, Australia has gone from an “economic poster child” to an “economic problem child”. This was the alarm bell sounded by last year’s McKinsey report on the nation’s business investment crisis.
The reforms of the 1980s and 1990s opened up the economy and produced an “economic miracle” – 30 years of growth broken only by the global pandemic. Amid the subsequent 25-year reform drought in Canberra, policy complacency, backsliding and a more politically uncertain operating environment for business had diminished Australia’s appeal as an attractive investment destination.
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