Australian Competitiveness Is Falling: Malley

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Sept. 9 (Bloomberg) -- CPA Australia CEO Alex Malley discusses the business community's reaction to Abbott's win in the election for Prime Minister with Rishaad Salamat on Bloomberg Television's "On The Move Asia." (Source: Bloomberg)

Let's find out more and get more reaction to australia's weekend elections.

Thank you for joining us.

What should be tony abbott's chief priority when he comes into power?

I think australian business broadly is happy with the result.

Now we have a government that has enough seats to rule the country appropriately.

Certainly, businesses looking for less transaction costs and more sensible and balanced regulation and the opportunity to feel the confidence to invest again.

That is the scene he's presenting.

Like many organizations, we have had intimate conversations with the incoming government about those things.

We are reasonably comfortable with a sip when -- with a discipline in the new government . what is wrong with the us trillion economy?

Many have talked about the end of the mining boom.

Is it an overreliance in that industry?

I think that has been a sense that we had an opportunity that has been squandered.

All we have seem to have done in government is talk about our economy being healthier than europe and america.

But the truth is that those countries have gone to far worse scenarios and we have.

So there is a real sense that we lost an opportunity to rebalance our economy when the mining industry was at its peak.

But there is a sense now, if there is a reduction in the taxation issues around mining, that that may regenerate a little bit for a little longer.

And there is good reason to feel that.

And fundamentally to also get to the point where there are other parts of the sector that are finding some real -- that are starting to fight some real issues on where their future lies.

Businesses just held its breath for this time.

We feel like the japanese do that we have won the olympics and now we can get on with his this.

You mentioned the motor industry.

Doesn't that reflect what is happening in a deeper sense with the economy?

Or is it a slide in the competitiveness?

Absolutely.

We launched the report on competitiveness.

We have a place to play in the motor vehicle sector.

But it's more in the innovation- leadership area.

So there are some issues.

It is symptomatic of some of the issues that australia has to meet.

In our imperative analysis, it is talked about, various scenarios for australia's future.

One is that we need to be at catch -- the attached to the [indiscernible] the way to do that is to actually change the culture, the way we do business, to educate students from first in australia to various asian languages and to understand that we need a better culture so that we can actually integrate and work in asia far more effectively than we have in the past.

That is what i wanted to become -- to pick up on with you.

Reviews a federal question, but you're the one posing it.

I prefer tonsil my own question.

But the fact is, in my organization, we have been in asia for 69 years.

We have a sense of how bit -- of how tough it is to build that relationship and executed in make it work for both sides of that transaction.

We think australia is only in its infancy in understanding its opportunity and it's not just a matter of going to asian doing business.

It is a matter of building across culture.

This government is doing something that they have been talking about, the root -- the reverse palombo plan.

We really do need to do that.

We need the government to work with small-to-medium business because we think that is a big opportunity and create further opportunities in addition to australia, which is doing really good work.

So they can of business commerce sessions between the two markets.

We have a series of analyses that the government put into their white paper.

We are strongly pushing that.

. if we don't, people expected to simply follow a narrow laughed and we need to stay relevant at the cost level, efficiency and at the cultural level.

Very quickly, the australian cricket team?

Of course, you can only go up sometimes.

I think that we are at the moment.

But it is a wonderful microcosm of business.

If you don't have a succession plan when you're on top, when things are to change and people leave your organization, you not ready for your next generation.

The thing about the succession planning, we need a better opportunity for the and people coming in.

My nephew is topping the average is in a six in england.

This text has been automatically generated. It may not be 100% accurate.

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