Invest
Australia needs a more nuanced approach to wealth: Bernard Salt
While there’s “no shortage of entrepreneurial energy” in Australia, the country’s attitudes towards high-income earners and business needs a readjustment, a high profile commentator has said.
Australia needs a more nuanced approach to wealth: Bernard Salt
While there’s “no shortage of entrepreneurial energy” in Australia, the country’s attitudes towards high-income earners and business needs a readjustment, a high profile commentator has said.
Demographer and social commentator Bernard Salt has argued that Australia’s approach towards high-income earners requires more nuance in order to promote financial success, celebrate business and in turn generate growth.
Speaking to Nest Egg at the FIIG High Yield conference in Sydney, he said he’s concerned about the “anti-business, anti-entrepreneurial sentiment in Australia”, and believes there needs to be more awareness of the “ethically rich”.
“The problem we have is that everyone who is a high income earner is lumped into the same bucket and I think we need to be more nuanced than this,” Mr Salt said.
In a keynote at the event, he said in order for Australia to capitalise on its potential there needs to be more engagement with difficult discussions.
“There are some uncomfortable discussions the Australian nation of people need to have. One is around allegiance, one is about our future, one is about entrepreneurship and one is about who actually delivers the tax, no issues paying it and a full and fair and open way,” Mr Salt said.
“I think there is such a thing as the ethically rich. There are people who say, yep that's fine, I'm happy to pay half, that's fine, but do I really have to cop flak as well?”
Why aren’t there more business-leaders nominated as Australian of the Year?
Thanks to Australia’s proximity to China, sheer breadth of land and adaptability of its citizens, Australia should be among the most prosperous nations for the next century at least, Mr Salt said.
However, there needs to be a “shift in the heartland” towards recognising the role of business.
“Why is it that we have not appointed an Australian of the Year from the business community in two generations for their ability to create wealth and prosperity for the Australian people?” Mr Salt asked.
“If this is because there is no one worthy from the business community then I say that is a damning indictment of the business community, but I actually think that there is,” he continued, pointing to the founder of Ramsay Healthcare Paul Ramsay.
Upon his death, Mr Ramsay bequeathed $3 billion to medical research and left a legacy of a multi-national company that employed 40,000 and met the needs of vulnerable citizens.
“That person was never identified as an Australian of the Year candidate. We need to shift the way we think,” Mr Salt said.
Spending
Aussies can ‘NAB Now Pay Later’ with the last major bank to embrace BNPL
NAB has become the latest bank to enter the BNPL market. ...Read more
Spending
Aussie households spent $368 a week on transport after petrol price surge
Fuel costs have increased by 40 per cent over the past year, a new report from the Australian Automobile Association has revealed. ...Read more
Spending
Voters say reducing the cost of living should be the government’s top priority
Aussies have ranked high cost of living as the top issue that needs to be addressed by the next government. ...Read more
Spending
Bodies back Labor’s commitment to stronger BNPL regulation
All parties should commit to stronger regulations for the BNPL sector, according to Financial Counselling Australia. ...Read more
Spending
Household spending surges led by retail and recreation
Spending on retail, recreation and hospitality have continued to climb as COVID-19 case numbers and restrictions have eased. ...Read more
Spending
Banks extend financial assistance to flood-affected customers
A range of assistance is available from major banks to those impacted by flooding in NSW and Queensland. ...Read more
Spending
Sydney ranks among top data centre markets in the world
Sydney ranked eighth globally and clinched the third spot in the Asia-Pacific data centre market as the industry continues to expand at a breakneck speed. ...Read more
Spending
The trends driving consumer change in 2022
Global research has provided insight into the top consumer trends for the 2022 calendar year. ...Read more
Wrapping up an eventful 2021
Listen now
What Omicron means for property, and are units right for first-time buyers? What is equity crowdfunding? Are industry super funds tapping into member funds to save their skins?
Listen now
Will housing affordability improve in 2022? Will buy now, pay later become the norm? Why are Aussies staying in failing super products?
Listen now
Who really benefits from crypto ETFs? How will the RBA respond to rising inflation? Could a mandate help address unpaid super?
Listen now
Spending
Aussies can ‘NAB Now Pay Later’ with the last major bank to embrace BNPL
NAB has become the latest bank to enter the BNPL market. ...Read more
Spending
Aussie households spent $368 a week on transport after petrol price surge
Fuel costs have increased by 40 per cent over the past year, a new report from the Australian Automobile Association has revealed. ...Read more
Spending
Voters say reducing the cost of living should be the government’s top priority
Aussies have ranked high cost of living as the top issue that needs to be addressed by the next government. ...Read more
Spending
Bodies back Labor’s commitment to stronger BNPL regulation
All parties should commit to stronger regulations for the BNPL sector, according to Financial Counselling Australia. ...Read more
Spending
Household spending surges led by retail and recreation
Spending on retail, recreation and hospitality have continued to climb as COVID-19 case numbers and restrictions have eased. ...Read more
Spending
Banks extend financial assistance to flood-affected customers
A range of assistance is available from major banks to those impacted by flooding in NSW and Queensland. ...Read more
Spending
Sydney ranks among top data centre markets in the world
Sydney ranked eighth globally and clinched the third spot in the Asia-Pacific data centre market as the industry continues to expand at a breakneck speed. ...Read more
Spending
The trends driving consumer change in 2022
Global research has provided insight into the top consumer trends for the 2022 calendar year. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
