Post-covid19, create a national development bank
By Patrick J. Byrne A government-backed development bank would provide an ideal instrument to help financially engineer an economic recovery after the unprecedented shutdown of non-essential activities during the covid19 pandemic. The Federal Government is yet to prioritise a national development bank for Australia, despite contributing $US738 million towards China’s Asia Infrastructure Investment Bank and despite both major parties having proposed a Pacific development bank to assist Australia’s island neighbours. A development bank can “significantly leverage public resources to help minimise economic decline, support recovery, and finance structural transformation” at this time when “large-scale counter-cyclical funding to help maintain economic…
