Social Issues in the Best Interests of the Australians - Essay Example

Title: Briefing paper on desirable reforms to corporate governance in Australia. Dated: November 9, 2008. Introduction The Rudd government of Kevin Michael Rudd in Australia has a plan to introduce a set of reforms to supplement the existing system of prudential control over the banking system in Australia. The major objective of the government is to fulfill the election campaign’s promises made with the constituents in 2007 and to provide a fiscal environment with low inflation levels. A proposed reforms paper may include the followings for their implementation in the country. The proposed paper is covering the areas of public spending, Iraq war, holding of referendum in the country, allocation of necessary funds for the eradication of homelessness from the state, the issue of superannuation and other allied related areas for its legislation and subsequently enforcement. It is expected that the proposed reforms agenda will help in promoting the life style and per capita income of the general masses in Australia, economic stability, low inflation rates, high growth rates and tax reforms for the betterment of the countrymen (Macfarlane, 1998)(1).The proposed reforms program will help the Rudd’s government to fulfill its national commitments as made during the election campaign. These tax reforms will help in the creation of a simple economic and taxation system in the country that will be helpful both for the policy makers at the national level and the general masses for its understanding and implementation. (Dean, 2002)(2) The reforms program will strengthen the economic bases of Australia and will generate an economic space for handling potential economic and social issues in the best interests of the Australians. Proposed Reforms Program The national government led by honorable Kevin Rudd may like to introduce the following reforms for strengthening the economic, political and social sectors of the economy. These reforms will complement the likely changes to the existing system of prudential control over the banking system in the country. the Rudd’s government (Australian)has requested that you prepare a briefing paper on desirable reforms to corporate governance (across all industries) that should be implemented to complement likely changes to the existing system of prudential control over the banking system. A set of proposed reforms for its consideration by the Rudd’s government are as under: a. Public Spending b. Iraq War c. A holding of referendum on the issue of republicanism in Australia. d. Allocation of sufficient funds for the provision of houses to eradicate homelessness from the country. e. Superannuation f. Simplification of tax procedures Enforcement of these reforms in combination with the existing system of prudential control over the banking system in Australia will help in the creation of an economic environment with high economic growth rates, increase in per capita income, lowering in the inflation rates and simplification of the tax procedures for their understanding and implementations by all the primary and secondary stake holders in the best interest of the nation (3). The government may like to consider and discuss the set of proposed reforms by evaluating them on the basis of their strengths and weaknesses for a considerable period of time without the provision of exact date for their enforcement (4). a. Public Spending The government may like to reduce the existing level of public spending at the national level. The move will help in generating sufficient funds which may be utilised for the training and capacity building of the official machinery to equip them with latest developments in the fields of administration and management (5). Decision making process at the national level will be improved and the confidence and morale of the public sector’s administrator will be improved. b. Iraq War The Rudd’s government may take strategic decision to pullout the Australian forces from Iraq as the war in Iraq is gradually moving towards its logical conclusion as the American government has already decided to pullout or reduce the level of their forces in Iraq on gradual bases. The move will help the government to extend a message of peace and harmony to the international community. c. A holding of referendum on the issue of republicanism in Australia. The government may like to abandon the idea of holding a referendum on the issue of Republicanism in Australia. The step will create a stable environment necessary for economic growth and investment at the national level in Australia. d. Allocation of sufficient funds for the provision of houses to eradicate homelessness from the country. The government may like to allocate sufficient funds for the eradication of the phenomenon of homelessness from Australia. These funds will help the homeless people to acquire accommodation for their survival as a satisfactory and useful element of the Australian society. e. Superannuation The question of superannuation as a policy tool may be tackled on priority bases by the national government lead by the Prime Minister Kevin Michael Rudd. The issue may be settled before handling the corporate law matters in the best interests of all the relevant personals. The tackling of the issue of superannuation on agreeable terms and conditions will generate sufficient funds for their utilization in the matters of public interests. The settlement of the issue will have positive impacts on the national economy, better governance, dispute resolution and compensations, lowering in the operational costs and guaranteeing safety and security to the general masses. f. Simplification of tax procedures There is a general trend at the global level that the documentation relating to the taxes and their enforcement is available in complex form. These forms or documents are difficult for the general masses for their comprehension; therefore, the Rudd’s government may like to consider simplification of tax procedures at the national level. The step will promote an environment of trust and confidence between all the major stake holders. The level of tax collection will be increased, more taxes to the government, transparency in the mechanisms relating to the implementation of the tax regulations and rules and fulfillment of national obligation by all the related individuals and corporations will be the likely output of the proposed reform proposal (Berkovic, 2008)(6). The government may like to assess the above said proposed reforms package for the initiation of legislative process at the national level and subsequently their implementation for providing a viable economic mechanism to the masses for their acceptance and enforcement in their respective businesses. References 1. Macfarlane, I. J. 1998. "Australian Monetary Policy in the Last Quarter of the Twentieth Century". Reserve Bank of Australia Bulletin, October 1998 (Adobe Acrobat *.PDF document) 2. Parham, Dean. 2002. "Microeconomic reforms and the revival in Australia’s growth in productivity and living standards". Assistant Commissioner - Productivity Commission, Canberra Conference of Economists Adelaide, 3. OCED Factbook 2006 (Gini coeffients) OCED Factbook 2006 pdf 4. Commonwealth Bank of Australia, 2008. "Commonwealth Bank of Australia to acquire Bank West and St Andrew's". 5. Bank of Western Australia Limited 2008. "BankWest and St Andrew's sold to Commonwealth Bank". 6. Nicola Berkovic, the Australian, 2008. "Fears for choice as Commonwealth and BankWest merge". Read More