{"id":82907,"date":"2025-08-20T17:07:15","date_gmt":"2025-08-20T17:07:15","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/82907\/"},"modified":"2025-08-20T17:07:15","modified_gmt":"2025-08-20T17:07:15","slug":"business-veteran-maurice-newman-tears-into-treasurer-jim-chalmers-economic-agenda-labels-it-chinese-style-socialism","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/82907\/","title":{"rendered":"Business veteran Maurice Newman tears into Treasurer Jim Chalmers’ economic agenda, labels it ‘Chinese-style socialism’"},"content":{"rendered":"

Treasurer Jim Chalmers\u2019 promotion of \u201cChinese-style socialism under the banner \u2018stakeholder capitalism\u2019\u201d has come under fire by an Australian business veteran during Sky News\u2019 Real Economic Round Table<\/a>.<\/p>\n

Nationals Senator Matt Canavan invited an array of leaders for a roundtable to discuss Australia\u2019s flailing productivity and energy woes.<\/p>\n

It took place as Mr Chalmers convenes Labor\u2019s private productivity summit in Canberra with an array of business, union and policy figures.<\/p>\n

Among the atendees of the Real Economic Round Table was Maurice Newman, an Australian business veteran who has served in a range of public roles including chair of the ASX, the ABC and the Prime Minister’s Business Advisory Council. He tore into the Treasurer\u2019s large-spending agenda.<\/p>\n

\u00a0\u201cAustralians wait for someone to expose the emperors who have no clothes. Sadly, Treasurer Jim Chalmers is one such emperor,\u201d Mr Newman said.<\/p>\n

\u201cDr Chalmers promotes Chinese-style socialism under the banner \u2018stakeholder capitalism\u2019.<\/p>\n

\u201cHis mastery of spin uses the title \u2018humanising capital\u2019, but the philosophy is the same.\u201d<\/p>\n

Mr Newman attacked the Treasurer over an essay he penned in 2023, where Mr Chalmers slammed neoliberalism and called on business to co-invest with government.<\/p>\n

\u201cDr. Chalmers believes that businesses should be judged on their corporate social responsibility, not just financial metrics,\u201d the business veteran said.<\/p>\n

\u201cHe advocates ‘the transformation of the welfare state into a managerial utopia with the government in collaboration with superannuation funds acting as benevolent resource allocators through which autocratic technocratic elites will manage all aspects of society\u2019.<\/p>\n

\u201cWhat could possibly go wrong?\u201d<\/p>\n

Labor\u2019s economic outlook was similarly ripped in to by former Productivity Commissioner Gary Banks who said the Albanese government\u2019s \u201cproductivity agenda is mainly a spending more agenda\u201d.<\/p>\n

He pointed to large spending on the NDIS, renewable energy and manufacturing subsidies as detriments to productivity and living standards.<\/p>\n

\u201cThe diversion of resources to the public sector has been a major contributor to the decline in productivity growth in Australia,\u201d Mr Banks said.<\/p>\n

\u201cMost parts of the public sector not only have lower productivity but they have inherently slower productivity growth.<\/p>\n

\u201cThis reflects not just the greater labour intensity of the services concerned but weaker incentives to use resources in a cost-effective way and to pursue cost reducing innovations.\u201d<\/p>\n

Alongside the criticisms of Labor’s economic agenda, the experts at the Sky News roundtable also laid out four actions the government needs to take<\/a> to restore productivity in the economy.<\/p>\n

These were scrapping bracket creep, cutting government spending by four per cent, curbing new NDIS entrants and ditching net-zero emissions targets.<\/p>\n","protected":false},"excerpt":{"rendered":"Treasurer Jim Chalmers\u2019 promotion of \u201cChinese-style socialism under the banner \u2018stakeholder capitalism\u2019\u201d has come under fire by an…\n","protected":false},"author":2,"featured_media":82908,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[64,63,99,164,62637,42086,1788,62638,47714,62639,37652,50850],"class_list":["post-82907","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-au","tag-australia","tag-business","tag-economy","tag-gary-banks","tag-jim-chalmers","tag-labor","tag-maurice-newman","tag-sky-news","tag-sky-news-australia","tag-treasurer","tag-treasurer-jim-chalmers"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/82907","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=82907"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/82907\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/82908"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=82907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=82907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=82907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}