he Koyal Group Reviews (Sept. 07 2013) - Former Commonwealth Bank chief executive David Murray says the Australian economy is walking down the road paved by the economies of Europe, unless the incoming Federal Government introduces drastic reforms to lift productivity.
Speaking on the sidelines of the Association of Mining and Exploration Companies conference yesterday, Mr Murray, also former Future Fund chairman, said despite Australia's relative prosperity, it was not "overly dramatic" to compare it to parts of the EU.
He said as a nation Australia could not take its triple-A credit rating for granted.
"In fact, it's a weak triple-A already," Mr Murray said.
"(For example) our high foreign liability to gross domestic product creates a huge vulnerability when we're so dependent on foreign bond holders, and bond holders can revolt.
"We are copying the things that we saw in Europe that have created structural difficulties so they can't grow, or get themselves out of difficulty.READ FULL ARTICLE AT QUORA