{"id":13604,"date":"2016-07-26T19:21:34","date_gmt":"2016-07-26T23:21:34","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=13604"},"modified":"2016-07-26T19:21:34","modified_gmt":"2016-07-26T23:21:34","slug":"privatisation-has-damaged-the-economy-says-accc-chief","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2016\/07\/26\/privatisation-has-damaged-the-economy-says-accc-chief\/","title":{"rendered":"Privatisation has damaged the economy, says ACCC chief"},"content":{"rendered":"

\"\"<\/a><\/p>\n

In a blistering attack on decades of common government practice, Australian Competition and Consumer Commission chairman Rod Sims said the sale of ports and electricity infrastructure and the opening of vocational education to private companies had caused him and the public to lose faith in privatisation and deregulation. <\/p>\n

“I’ve been a very strong advocate of privatisation for probably 30 years; I believe it enhances economic efficiency,” Mr Sims told the Melbourne Economic Forum on Tuesday. “I’m now almost at the point of opposing privatisation because it’s been done to boost proceeds, it’s been done to boost asset sales and I think it’s severely damaging our economy.”<\/p><\/blockquote>\n

\"\"<\/a><\/p>\n

Mr Sims said privatising ports, including Port Botany and Port Kembla in NSW, which were privatised together, and the Port of Melbourne, which came with conditions restricting competition from other ports, were examples where monopolies had been created without suitable regulation to control how much they could then charge users……<\/p>\n

Deregulating the electricity market and selling poles and wires in Queensland and NSW, meanwhile, had seen power prices almost double there over five years, he said.<\/p><\/blockquote>\n

I have also been a strong advocate of privatising state assets, but Rod Sims raises some important concerns that need to be addressed. <\/p>\n

There is a strong trend in capitalist economies away from free enterprise and towards privatised “monopolies”. Investors place a great deal of emphasis when evaluating stocks on a company’s “economic moat” or competitive advantage. Both of which imply the ability to restrict competition. While this may maximize revenue for the individual economic unit, it is harmful for the economy as a whole. <\/p>\n

Which brings me back to Mr Sims’ point. Higher prices paid for infrastructure services destroy the competitiveness of the economy as a whole, with profound implications for exports and productivity.<\/p>\n

Source: Privatisation has damaged the economy, says ACCC chief<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In a blistering attack on decades of common government practice, Australian Competition and Consumer Commission chairman Rod Sims said the sale of ports and electricity infrastructure and the opening of vocational education to private companies had caused him and the public to lose faith in privatisation and deregulation. “I’ve been a very strong advocate of … <\/p>\n

Continue reading “Privatisation has damaged the economy, says ACCC chief”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,5,57],"tags":[],"class_list":["post-13604","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-economy","category-stock-markets"],"yoast_head":"\nPrivatisation has damaged the economy, says ACCC chief - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Privatisation has damaged the economy, says ACCC chief - the patient investor\" \/>\n<meta property=\"og:description\" content=\"In a blistering attack on decades of common government practice, Australian Competition and Consumer Commission chairman Rod Sims said the sale of ports and electricity infrastructure and the opening of vocational education to private companies had caused him and the public to lose faith in privatisation and deregulation. “I’ve been a very strong advocate of … Continue reading "Privatisation has damaged the economy, says ACCC chief"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2016\/07\/26\/privatisation-has-damaged-the-economy-says-accc-chief\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2016-07-26T23:21:34+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/thepatientinvestor.com\/wp-content\/uploads\/2016\/07\/1469544017351.jpg\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/07\/26\/privatisation-has-damaged-the-economy-says-accc-chief\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/07\/26\/privatisation-has-damaged-the-economy-says-accc-chief\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"Privatisation has damaged the economy, says ACCC chief\",\"datePublished\":\"2016-07-26T23:21:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/07\/26\/privatisation-has-damaged-the-economy-says-accc-chief\/\"},\"wordCount\":313,\"commentCount\":16,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/07\/26\/privatisation-has-damaged-the-economy-says-accc-chief\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/thepatientinvestor.com\/wp-content\/uploads\/2016\/07\/1469544017351.jpg\",\"articleSection\":[\"Australia & NZ\",\"Economy\",\"Stock Markets\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2016\/07\/26\/privatisation-has-damaged-the-economy-says-accc-chief\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/07\/26\/privatisation-has-damaged-the-economy-says-accc-chief\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2016\/07\/26\/privatisation-has-damaged-the-economy-says-accc-chief\/\",\"name\":\"Privatisation has damaged the economy, says ACCC chief - 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Moore provides insights as to how Margaret Thatcher\u2019s stance on the market economy developed and how she popularised it. He seeks to outline her approach to foreign affairs, in relation to the EU, the US, and her broad approach\u2026","rel":"","context":"In "The Big Picture"","block_context":{"text":"The Big Picture","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/the-big-picture\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13187,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/04\/18\/the-elusive-boost-from-cheap-oil-economic-research\/","url_meta":{"origin":13604,"position":1},"title":"The Elusive Boost from Cheap Oil | Economic Research","author":"ColinTwiggs","date":"April 18, 2016","format":false,"excerpt":"Sylvain Leduc, Kevin Moran, and Robert J. Vigfusson in the FRBSF Economic Letter: Why has consumption not responded more to cheap oil? 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Marifian, Research Analyst at the St. Louis Fed, describing problems with calculation of the hypothetical output gap and how this can lead to incorrect monetary policy: Some economists question the reliability of potential output and, therefore, output gap measures. For instance, as James\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9520,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/03\/19\/australia-weaker-dollar-will-boost-economic-growth\/","url_meta":{"origin":13604,"position":3},"title":"Australia: Weaker Dollar will boost economic growth","author":"ColinTwiggs","date":"March 19, 2014","format":false,"excerpt":"....The paper, written by staffers from the RBA\u2019s Economic Analysis Unit says that a temporary 10% depreciation in the real exchange rate for the Aussie dollar can increase growth by between a quarter and a half of a percent over 2-3 years. Read more at RBA Modelling Shows Precisely How\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12947,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/03\/09\/can-new-keynesianism-save-the-chinese-economy-the-diplomat-2\/","url_meta":{"origin":13604,"position":4},"title":"Can \u2018New\u2019 Keynesianism Save the Chinese Economy? | The Diplomat","author":"ColinTwiggs","date":"March 9, 2016","format":false,"excerpt":"Excellent summary of China's growth dilemna by Dr Yanfei Li, Energy Economist at the Economic Research Institute for ASEAN and East Asia (ERIA) [emphasis added]: To conclude, national capitalism, which aims to help the Chinese economy move up the global value chain through technological catching up, can be considered part\u2026","rel":"","context":"In "China & HK"","block_context":{"text":"China & HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2016\/03\/thediplomat_2016-03-06_13-17-32-386x2571.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":4886,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/07\/17\/compromises-are-needed-to-boost-growth-wsj-com\/","url_meta":{"origin":13604,"position":5},"title":"Compromises Are Needed to Boost Growth – WSJ.com","author":"Colin Twiggs","date":"July 17, 2012","format":false,"excerpt":"Gerald Seib: Most sensible people in Washington know exactly what kinds of compromises on the deficit, taxes, trade and entitlement programs are within reach to change the economic trajectory. What's needed is simply for both parties to accept that neither is likely to be in full command of the government\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/13604","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=13604"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/13604\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=13604"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=13604"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=13604"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}