Carbon Tax “worst piece of economic reform’ says outgoing chairman of the Future Fund, David Murray

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Carbon tax ‘worst piece of economic reform’ says outgoing chairman of the Future Fund, David Murray

THE carbon tax is the “worst piece of economic reform” ever seen in Australia, according to the outgoing chairman of the Future Fund, David Murray.

Mr Murray, a former chief executive of the Commonwealth Bank as well as chairman of the $73 billion Future Fund until Monday, said this morning the controversial tax was “very, very bad” for the Australian economy.

“In the case of the carbon tax, if you want me to tell you my view, it is the worst piece of economic reform I’ve ever seen in my life in this country,” he told ABC Radio.

“The consequence of introducing that tax at that level in Australia today is very, very bad for this economy, particularly in terms of its international competitiveness.”

Asked why the carbon tax was bad, Mr Murray replied: “Because it raises costs further within Australia, it reduces our competitiveness for export of energy-related commodities and it therefore renders us less competitive in the future.”

Mr Murray also took a swipe at the Gillard Government’s mining tax, saying it was “clumsily” designed and introduced.

“The timing at the top of the terms of trade was not good,” he said.

The Future Fund was established in 2006 by the Howard government to help meet the cost of future public sector superannuation liabilities.

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