Sussan Ley has appointed former Treasury official Spiro Premetis as her new chief economist, filling a four-month vacancy in the role.
Premetis, who previously advised Josh Frydenberg and served as senior economist and acting chief executive of the Financial Services Council, begins today, September 29.
A spokesman for the Opposition Leader said: “As a former Treasury official and adviser to the Treasurer, Spiro brings a wealth of experience in public policy. His expertise will be an asset as the Coalition sharpens its economic and budget focus.”
Premetis has been a vocal advocate for stricter fiscal rules, criticising government overspending and debt levels.
He has warned that debt-to-GDP of 35.5 per cent is “too high and left a burden on the younger generation,” adding: “Without a plan to reduce this burden, the next generation will be left to chip away at it like miners hacking into bedrock.”
He has also rejected unfunded renewable energy subsidies, describing them as for “virtue signallers,” and argued that “Australians are now beginning to realise that not only do subsidies push up prices, but the unreliability of renewable sources does too.”
In a 2018 opinion piece, he called Labor’s wage policy “inept,” saying: “Raising the minimum wage without regard for productivity improvements and above the rate of inflation is an inept policy. Handing out high wages without meaningful productivity improvements is not how you grow an economy. It is how you shrink it.”
Premetis has also argued for tax reform, warning: “Taxing households and businesses excessively and thereby reducing the incentives to save and invest in our economy are what is holding our economy back.”
Source: The Australian.
