The Importance of Broadening the Australian Economy

There's something very mimetic about housing but also there are people who bill housing as the ticket to a better life. Uniquely among most advanced economies we have a tradition of auctions and foreigners who come here find it bizarre almost a state store. It's sad because 65% of the loan books are the big four residential mortgages. Well it induces a level of lethargy on the part of the major Australian banks as you know. The funds management industry by that stage 10 years ago was the fourth largest in the world because of what we had done. And despite the tax advantages I brought in to make them competitive with the rest of the region, they sat on their dig because it was all