Last night, on the figures supplied in yesterday's Professor Bill Mitchell's blog I calculated the compound GDP growth over the last five years at 1.91%pa.

That is poor and an indication that we need a more expansionary policy; one which undertakes infrastructure provision to provide work for the present under-utilised 13% plus of the population who are unemployed or would like more hours.

Neo-liberals and other austerity proponents seem to have inadequate understanding of the central role of the currency issuing government in offsetting the fluctuations in enthusiasm of the market system.

In typical fashion we have allowed such enthusiasms to over develop our capacity to export coal and iron ore. As a consequence the prices we are receiving are in retreat and we have largely missed an opportunity to follow what Norway has done as its oil reserves depleted.

Agree with most of this Tristan, except where you argue that the states ought to be compensated in return for dropping regressive stamp duty.
They officially agreed to do just that, in return for the GST.
Federal Govts of all political persuasion, should hold back a commensurable amount of the GST, until those states still collecting stamp duty, fulfil their end of the already agreed to bargain?
Affordable if they just end duplication, Capital city centralisation and building bureaucratic empires? Sydney is now the most expensive city in the world?
However, I believe we need to go a lot further with reform, as just tinkering at the edges is likely as not, to simply spawn even more complexity and further opportunities for avoidance, which is already off the Richter scale, if you pardon the homespun homily.
I've written a more in-comprehensive piece, on increasingly essential tax reform and simplification, which is far too long for OLO, and its word limits!
But I could send you a copy, if you'll let me know where to Email it? I'd be interested in some INTELLIGENT feedback.
Cheers, Rhrosty.

Would agree with one aspect of article alone; Abbott's parental leave scheme is ridiculous.