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Australia needs major economic reform: NAB chief

Xinhua, July 16, 2015 Adjust font size:

The head of one of Australia's biggest bank said at a business lunch it is time for major economic reform in the country.

In his first public speech since taking up his position as CEO of the National Australia Bank (NAB) last August, Andrew Thorburn suggested there appeared a lack of motivation among government leaders, it was reported on Thursday.

"There is no doubt that we cannot be complacent and we must recommit to further economic reform," he told the Trans Tasman Business Circle.

"I think the reality is that it has been quite some time in our country since there has been major economic and structural reform. I think we would have to go back to the GST (Goods and Services Tax) in July 2000."

Tax and the labour market were the main areas reform was needed, he said followed by the regulatory burdens placed on small and medium-sized businesses, which he said had a historical context, the Australian Broadcasting Corporation reported.

"In Australia, business needs to have a bigger voice," he said.

"I know in New Zealand, businesses are more actively engaged in helping formulate policy by giving direct feedback to key ministers about what change is needed and why," said he, adding "I think that in New Zealand there is more of a confidence and an optimism than what I feel in Australia today." Endi