Productivity Commission: $15 Billion Wasted on Corporate Welfare

The widely-respected Productivity Commission has delivered a scathing assessment of the Federal Governments’ $50 billion submarine contract and a new trend for massive amounts of corporate welfare:

According to the Australian Financial Review report:

More than four decades of success in lowering tariffs and curbing taxpayer-funded industry featherbedding looks set to be cast aside because of the Turnbull government’s decision to build $50 billion worth of submarines in South Australia, the Productivity Commission has warned.

In a scathing analysis by the government’s independent economic think tank, the commission estimates the 30 per cent cost premium to build the submarines locally may be the single most generous industry assistance scheme on record…

The report shows Australian taxpayers and importers effectively shelled out $15.1 billion in total industry assistance to help manufacturers cope with global competition in 2014-15.

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