I agree with Prasser's premise. Another policy point, as the GFC revealed, the financial sector reward system renders it incapable of self-regulation in the public interest. It has become over leveraged and interconnected collapse of one threatens all.

This sector does not serve us well. Rewards go not to those who enable others to create wealth, but to those most skilled in expropriating the wealth of others. To justify their actions, they turn logic on its head, treating growth in the size and profitability of the sector as an end in itself, and a measure of increasing efficiency.

Because financial services are a means, not an end, they are properly treated as an overhead cost to be minimised. Growth in the size of this sector as a percent of GDP changed from an efficient one percent in 1890s to an inefficient 8-9 percent today.

Market advocates correctly note markets have an ability to self-regulate in the public interest. When market advocates go on to argue that the solution for market failure is to get government out of the way they demonstrate ignorance of basic economics. Markets self-organise in the public interest only if incentives align with public interest.

It is straightforward. The purpose of the financial sector is to serve the real economy on which everyone depends for daily needs, quality of life, opportunity to be creative, contributing members of their communities.

Corrective action falls to government, which can deal with the failure to self-regulate in one of four ways, continue to bail out banks at taxpayer expense, build an external regulatory system equal to/greater than the size of the financial system, spell out prohibited behaviours and impose disinsentives for each violation to ensure good behaviour is more attractive than bad, implement a system of taxpayer funded financial incentives for good behaviour to achieve the same outcome or create a system of incentives that drive reorganisation of the financial system and a realignment of its internal rewards to favour transparency, accountability, and public service.

A basic framework for such reorganisation is not too difficult if financial policy is investigated.

Man and here's me thinking a think tank WAS an engine for class warfare or lobbying for political ends. 'Frequently'?

'acolytes of enlightenment.'? Hahahahahaa OLO really has some Friday funnies today.

Think tanks are instruments of deception used by the elites,to subjuate the masses.

Read the book "God under Howard the rise of the religious right in Australian politics". Every Liberal party pre-selection,institute, foundation and society is controlled by the Liberal party religious right faction. Did the Lyons forum ok this article, or did they have any input into it, you didn't say? Did it possibly come straight out of their puppet Abbott's three word slogan office? Or could it have come from his and your boss Pell himself?
From the few paragraphs you could see where this diatribe came from the usual suspects of the religious right. Just how much money are you and your confederates making per year from religious superstition? Do you really believe these myths or just pretend to like most do, for profit? Just why do you all persist in calling these tax payer funded religious schools, "private schools", can anyone name any private school that is not run by a religious cult?
Remember the high court ruling, Charlatanism IS the price we pay for religious beliefs and if ANY religion was ASKED to prove ANY of their beliefs ALL would FAIL.
Religion is basically organized superstition and these ridiculous superstitions are open to charlatanism and these religious schools are funded by Tax payers, this is illegal in almost every other country in the world, why is something open to charlatanism and illegal every where else being allowed here in Australia, 18 billion dollars being wasted at current costing!

people would not spend their hard earned money on sending kids to private schools if the social engineers of the public system had not failed so dismally. Secular humanism dogmas have been a pitiful failure that produces animal like behaviour from some teachers and many students. Parents want to send kids to learn and then get a job. They also want their teacher to have some sort of morality. Unfortunately the public system has proved a huge failure despite the billions thrown at it. People vote with their feet.

CARFAX,

Today’s news reports that the Gonski Review has recommended a per capita funding system for all students (with extra for special needs), just like in Victoria, and a federal-state cost-sharing for both public and private schools. So my confidence of 9 February seems well placed.

Details are here:
http://www.theaustralian.com.au/national-affairs/education/push-for-one-funding-model-for-all-schools/story-fn59nlz9-1226271230974
and
http://www.theage.com.au/victoria/education-report-to-tackle-school-money-divide-20120214-1t46c.html.