Canavan's economic revolution: a mirage masking the real challenge

National leader Matt Canavan's vision for an 'economic revolution' is a populist fantasy that fails to address the generational challenge of creating a more resilient, secure and affordable economy in the 21st century.

Populist prescriptions won't solve the real problem

Canavan's plan would involve scrapping net zero emissions targets, ramping up oil and coal extraction, building new cities, slashing migration and encouraging more births, all while protecting Australian industries from foreign competition.

This 'mid-20th century pioneer' solution ignores the reality that globalization has delivered the lowest cost way to provide the goods Australians enjoy, but at the cost of over-reliance on overseas supplies of essentials like fuel, medicines and fertilizers.

Canavan's approach would likely lead to massive government debt from funding huge new public infrastructure projects, while businesses that can't stand on their own feet would prioritize lobbying for subsidies over competing for customers.

A more secure economy requires hard choices

Australians need to understand that there will be a price to pay for economic security, as seen in the recent fuel crisis, where the push for cheap fuel led to the closure of local refineries and now leaves us reliant on overseas supplies, potentially at a higher cost.

The same thought experiment applies across various industries considered essential, but Canavan's rhetoric does touch on some valid concerns, such as whether the government's approach to tax reform and economic development is bold enough to meet the challenges of a fraying global order.

Ultimately, Canavan's 'economic revolution' is a mirage that promises easy answers to complex problems, while ignoring the hard choices and trade-offs required to build a more resilient, secure and affordable economy for the future.