Too often these days, economic life is seen as a 'zero-sum' game. One person's profit is wrongly seen as another person's loss. In fact, profits are the basis of the investment and growth which will make everyone better off. Successful enterprise requires individual qualities of vision, daring, and determination, but these qualities will not be elicited if they are not spurred on by incentives. A fundamental part of a successful future for Australia is a much higher level of awareness that we must gear our cost structure to world markets.
Growth is now a competitive race.
No longer will our natural wealth insulate us from our widespread apathy. Australian industry can cope and prosper if we adopt new attitudes, and become more sensitive to the concept of cost competitiveness. While managers must be constructive and imaginative, employees must understand the importance of wage levels to the competitive position of an industry. We all need to face up to the possibility of wage differentials opening up between mature industries and new growth industries. It must be recognised that the often abused term, 'the capacity of the economy or an industry to pay' really means the capacity to sell.