re: current account deficit??? does it matter
look at the proportion of our mining giants held in foreign hands...BHP, RIO, MIM (remember them?), NCM etc etc
Our level of national savings is appalling and we spend too much on unproductive assets such as housing because the tax system is skewed that way. Right now things are rosy but how long can we keep selling assets?
Sure the export sector is booming, great news for foreign owners! I am not saying we should ban foreign ownership, far from it, but selling our assets is a short term fix...like selling the family silver to fund our day to day whims.
