Addressing the 2024 Intersekt Conference audience, Taylor championed a return to economic fundamentals, urging a shift from government overreach to revitalising the private sector.
Taylor began by acknowledging the crucial role the financial services sector plays in Australia’s economy, which contributes $37 billion annually in taxes and underpins key public services.
“It is a big contributor, that means our schools, our hospitals, our roads and the essential services we rely on are funded by the financial services sector,” the shadow treasurer said, emphasising the need to ensure future financial leaders can match the achievements of their predecessors.
The shadow treasurer didn’t mince words about Australia’s current economic struggles, highlighting a troubling environment marked by soaring inflation, escalating public sector employment, and plummeting productivity.
He criticised the government’s economic management, citing figures showing a fall in productivity by 6.3 per cent since the time of the election, and job creation heavily driven by government-funded sectors.
He emphasised that rising costs, such as higher energy bills, taxes, and interest rates, are taking a toll on small businesses – many of which, he said, rely on home equity for financing.
Taylor sharply criticised the government’s “Future Made in Australia” policy, branding it as a scheme to “create bureaucracies, not businesses”. He warned “we are at a crossroads” with one path leading to increased government control and regulation, and the other to private sector-driven innovation and economic freedom.
The latter path is the one the Collation believes in, Taylor said.
He argued that an economy propped up entirely by the public sector is unsustainable, warning that such a model inevitably leads to decline rather than prosperity.
This, he said, is why the Coalition has taken strong positions on key issues in recent months, believing the government’s approach risks leading the country down a path to poverty.
“In your own sector, I think you see this distinction in stark terms,” Taylor said.
He opined that while Labor may not intend to harm business, its priorities have led to stagnation in digital asset regulation, open banking, and crucial financial reforms.
“By contrast, the Coalition will get back on track and back to basics,” the shadow treasurer said.
“That will require us not just to pick up the work we initiated in government but to accelerate it with a broader economic agenda that supports businesses and Australian consumers first.”
The Coalition’s strategy includes advancing deregulation in the financial services sector, fast-tracking the Levy advice review, effectively implementing the Consumer Data Right, and fostering investment through simpler, fairer tax policies. He also announced Paul Fletcher as the new minister for the digital economy to spearhead some of these initiatives.
“Our commitment is clear: we will deliver the reforms Australia needs to get back on track,” Taylor said.
“An innovative financial sector that is well regulated – not over-regulated – is essential to addressing these challenges”.
Taylor concluded with a call to action for the sector: “Each and every one of us will have a role to play – it will require your talent, your initiative, your business nous, and your commitment to deliver great business experiences to your customer”.
