AUSTRALIA should leave, writes the head of the National Australia Bank.
The country should leave its “unfettered market access” and leave the US as a “one-stop shop for goods”, writes former Bank of New South Wales governor and now president of the Australian Reserve Bank, Richard Di Natale.
“The US has become a global hub for many, many businesses, and the current arrangement is not conducive to the future growth and success of Australia,” Mr Di Natales said in a speech on Thursday.
“It’s a bit of a paradox to be in the position we are now in.
I think a lot of Australians are genuinely concerned about what the future will hold for the economy, the people of Australia, and our economic competitiveness.”
The US has the second-largest economy in the world, after China.
It has been in free trade talks with the rest of the world for more than a decade.
“I think what you’re seeing is the end of an era, the end for the US, the US dollar and the US economy as a whole,” Mr Mr Di Natsales said.
“We are at the end.” “
Mr DiNatsales was speaking at the Bank of Australia’s annual conference. “
We are at the end.”
Mr DiNatsales was speaking at the Bank of Australia’s annual conference.
“I think Australia is going to be better off without the United Sates and with its own dollar,” he said.
The Federal Reserve Governor’s speech was part of the Reserve Bank’s annual review of its relationship with the US.
The Bank is in talks with several US companies about a possible sale of its Australian operations, including Royal Bank of Scotland, TD Ameritrade, HSBC Holdings, Credit Suisse and Bank of America.
Mr DiNatales said he was “quite confident” the US was willing to sell the US Federal Reserve Bank.
But he warned against the sale of the US National Security Agency.
He said the Federal Reserve would be “more prepared” to sell its US operations if it believed there were strong signs that the US might move toward a US-led economic union.
This could be a sign that the country might leave the Trans-Pacific Partnership trade deal.
As well as the US and the UK, Australia and Canada are also part of China’s Shanghai Cooperation Organization, the world’s largest and most powerful economic bloc.
Earlier this month, the Federal Government announced a $7.7 billion deal with the Asian giant to build a new $300 million research and development facility.
At the time, Mr DiNatales said Australia was prepared to take “a step back” in trade talks, but was not ready to abandon the US or the United Kingdom.
US President Donald Trump and Australian Prime Minister Malcolm Turnbull shake hands after speaking by phone in Melbourne, Victoria, November 18, 2021.
ABC/APTopics:economics-and-finance,business-economics,international-financial-market,government-and–politics,foreign-affairs,americas,united-states,australiaFirst posted September 25, 2021 07:45:32Contact Greg HickeyMore stories from New South Welsh