Embracing trade and immigration – Scott Morrison

How it was in 2017

According to Mr Scott Morrison, the Treasurer of Australia, we must embrace immigration, trade, and foreign investment, or it could very well be our future generation who could end up suffering. The risk of the prosperity of our children, and our children’s children, rests upon us.

In Mr Morrison’s 3^rd and final headland speech after the election, which is going to be delivered at Sydney’s Lowy Institute on Friday, he is going to argue that Australia was able to build the wealth that it has because of freer trade and that for more or less 2 centuries, the country has been dependent on the inflow of foreign capital so domestic investment can be funded and that the overall size of our economy can grow.

Meanwhile, the targeted immigration program of the country has also been the main driver of our nation’s growth in population, which means that our economic growth, while “composition of our immigration intake has been equally important. Our immigration program sets itself apart from other countries as it is built on attracting people and families to Australia who want and are able to make a contribution, rather than take one.”

Mr Morrison, just like in the recent speeches of Mr Chris Bowen, the spokesman for the Labor treasury, and Mr Jim Chalmers, the spokesman for finance, also sees that there is a rising tide of anti-immigration and anti-Muslim sentiment in a few parts of the Australian community. Although he understands where these thoughts are coming from, he has a few things to say regarding the matter.

”According to a recent poll, almost half of Australians are in favour of banning Muslim immigration,” said Mr Morrison. ”There are similar results for banning foreign investment and opposing free trade agreements.”

Support for these measures is the product of genuine anxiety in our community about these issues,” he continued on to say. ”It can be politically popular and rewarding to simply endorse these policy sentiments. However, there is great danger in following this path.”

Mr Morrison is going to highlight the slow growth in wages for the ordinary Australians as a source for the increasing discontent in some parts of the Australian community.

”It would be foolish for anyone to deny that there is concern about immigration in Australia,” the Treasurer is going to argue, this according to an advance copy of Mr Morrison’s speech read by Fairfax Media. ”The way to address it is not to be dismissive, but to engage on those concerns and have policies that effectively address them.”

”The same is true for our approach to foreign investment and trade, where our policies are delivering real economic benefits for Australians across the country,” stated in the speech. ”So we will continue to pursue immigration, trade and foreign investment policies that are focused on the national interest, by focusing on how Australians can participate and benefit from a growing economy, to boost wages, increase profits, and raise our living standards.”

The speech of Mr Morrison, which comes after major addresses regarding fiscal policy and macro-economic policy, also brings to attention the recent success of the Australian government in striking a deal with the ALP so that the $6.3 billion omnibus savings bill can be passed. It also highlights the need for further repair on the budget in the coming years ahead.

The speech comes as the outcome of the final budget for the period of 2015 to 2016 will come out on Friday. It is expected that there is going to be a small reduction when it comes to the final budget deficit as a result of a number of measures such as the passing of the omnibus savings bill, as well as a tightening of expenditure.

Source: https://www.smh.com.au/federal-politics/political-news/scott-morrisons-blunt-warning-embrace-immigration-and-trade-or-face-great-danger-20160929-grrmp6.html