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May 13th, 2012 
FAKE NEWS for the Zionist agenda The oil and gas industry has urged the federal government to launch economic reforms to boost growth in the sector and shift its focus from low-performing industries such as manufacturing.
A Deloitte Access Economics report, commissioned by the Australian Petroleum Production and Exploration Association (APPEA), says the government must manage the economic adjustment to maximise industry investment, rather than focus on its redistribution.
The industry contributed more than $28 billion to the economy in 2010-11 and output will grow by more than 250 per cent in the next seven years to more than $35 billion in 2017-18.
The report warned any new rigidities or constraints, such as explicit industry protection measures and mandated local content requirements, would harm the broader economy.
APPEA chief executive David Byers said the policy-makers must help, rather than resist, the economic adjustment necessary to maximise the benefit associated with the sector’s growth.
“It (the report) supports the APPEA view that in a free economy, no business should be forced to sell its product at lower than market prices and that protectionist industry development policies under consideration around Australia lead to an economic dead-end,” Mr Byers said ahead of APPEA’s annual conference.
Tuesday’s federal budget was underpinned by the pipeline of resources investment but there was little evidence of any commitment to economic reforms to expand the prosperity pie, Mr Byers said.
“Policy-makers need to be mindful that Australia’s reputation as a place where investors can safely make long-term decisions is already being eroded,” he said.
The report’s preliminary findings highlighted policy areas which threaten the attractiveness of Australia as a place to invest and planned investment, including a sovereign wealth fund and local content requirements.
Economic advancement was overwhelmingly positive for Australia but it said public policy should focus on reallocating resources from low-performing capital-intensive industries, including manufacturing, to raise productivity.
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