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How Special Economic Zones are Reshaping the World Economy

SEZs are business parks granted legal autonomy to improve their governance. Companies operating within SEZs enjoy unique tax breaks, streamlined government regulations, special VISA rights and different labor laws. This enables businesses to operate in emerging markets without the usual problems that businesses in the developed world face. SEZs have also rehabilitated traditionally bad investment destinations, creating bastions of economic growth in unlikely locations. The most well-known case studies of this come from China.

Infrastructure key to regional boom

The report says improving regional connectivity is critical to unlocking additional growth and backs a staged investment in transport infrastructure aimed at supporting economic diversification and sustainable population growth. It says this strengthens the case for modern, fast rail improvements. Mass movements of people from cities to towns such as Margaret River in Western Australia and Orange in NSW – both as holiday destinations and places of residence – had sparked huge demand for housing and services. The report says a more coordinated infrastructure policy would meet specific needs by drawing on each region’s competitive advantage, facilitate growth and encourage a better balancing of population growth between cities and regions.

Reform overhaul to put rocket under productivity

With the country already experiencing a peak in major projects, Infrastructure Australia chief of policy and research Peter Colacino said the industry needed to reform in order to meet the looming pipeline of projects. “The industry can’t deliver the scope of work unless it adopts the change,” he said. “We’ve pointed to things that are proven, have delivered productivity gains elsewhere, are well evidenced in terms of what we’re putting forward. These aren’t unproven solutions.”

Taking the big smoke to the bush

“Not by a decentralisation policy where we shift public servants from government agencies out into country towns. But where we flip that model, identify the unique competitive advantage of the region, and use that to attract people … but also businesses who are keen to relocate if we get the infrastructure piece right.”

‘Payroll tax squeezes the life out of sector’

On a federal level Mr Tan said that Treasurer Josh Fydenberg needed to engage with the sector and be guided by them on policy. “Let us show you where the opportunities are and how policy can really help the sector but also very much harm the sector and let us give you some ideas that can help the sector and the economy and the country all at the same time,” he said. “We are trying to solve big problems and sometimes the rules aren’t very clear about what you can and can’t do.”

MAKE BRISBANE SHINE

But Ms Rinehart warned that in the lead-up to Brisbane hosting the world’s biggest sporting event in 2032, governments needed to cut red tape to ensure teams and facilities were ready in time. “I hope our governments now take the bit between their teeth and realise 10 years time is a relatively short time to prepare Queensland for the Olympics, and grasp this opportunity to ensure Queensland shines,” she said. “To do this we must cut government tape to welcome significant investment and businesses, improve airports, improve marinas, build exciting new tourist facilities and accommodation, to really show Queensland and Australia as a must-repeat visit destination.”

Finalists are announced for the 2021 Women in Industry Awards

Gina Rinehart, Executive Chairman, Hancock Prospecting finalist for 2021 Industry Advocacy Award.

Sky News Live | The Outsiders

Rowan Dean Commentary courtesy of Sky News.

Expanding Your Business into Asia: Why Location Analysis is Key

This is another example of how Special Economic Zones in China are being ( and have been since 1978!) presented as locations for FDI. Australia is becoming less and less competitive. These policies can be simply introduced in Northern Australia and across Australia.

Alan Jones Show

29 July, 2021. Courtesy of Sky News.

Approvals acceleration to fast track WA economy

“There is plenty of room to improve regulation to make it more transparent, predictable, seamless and efficient, and ensure the community has high confidence in it. “These extra resources – which include a dedicated red-tape reduction team – represent the single biggest investment in approvals in the State’s history.” The Chamber of Minerals and Energy of Western Australia chief executive Paul Everingham emphasised the need for such investment.

Rinehart’s fear: Don’t strangle our Olympics

In a rare interview, Ms Rinehart, who sponsors four of Australia’s Olympic sports, insisted that for Brisbane to fulfil its potential as the 2032 Games host, investors must be given a way to saw through the governmental red tape she believes has stalled many crucial business opportunities in Queensland. “I really enjoy being involved but the parents are the real heroes because they have been there since the journey began,’’ she said. Ms Rinehart has promised to continue her support beyond this Olympics.