Australia has been warned by ANZ chief executive Mike Smith that they are at the risk of losing out on a $3 trillion economic opportunity in Asian markets. Smith says the opportunity will be lost if Australia does not urgently address productivity concerns.
Smith has also launched a stinging critique on the Gillard Government’s ban of live cattle exports to Indonesia, saying that it sends wrong messages to the region. The ANZ chief also said that tax and labor reforms were critical and warned that incorrect policy settings could hurt Australia. ANZ estimated that Australia needs the $3 trillion opportunity that the growing Asian middle class presents in the form of resources and agricultural opportunity.