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MAKING KNOWN ECONOMIC POLICY
THE INSTITUTE of Public Affairs in Victoria recently
advocated through its Review that a national economic
advisory authority should be established in Australia
similar to the Council tor Economic Advisers in the
United States but suited to Australian conditions. The
idea has been taken further through the gathering of
ideas expressed from political, business and economic
standpoints. One interesting sidelight on the subject is
the view of the I.P.A. Review itself that suggests that
Canberra is unfitted to be the centre at which economic
policy is formulated "Canberra is unfortunately physi-
cally and environmentally remote from the rest of the
Australian nation and the Canberra viewpoint may as a
consequence not take sufficient cognisance of the prob-
lems that are exercising the minds of those at the
decision making centres of the nation s industrial life,"
states the Review This of course, echoes the typically
unforgiving Melbourne outlook towards Canberra It has
generally been assumed that not the place but the men
from which economic advice emanates is the proper
criterion on which to judge value, and the notion that
once anyone comes to Canberra from Melbourne or
anywhere else in Australia, he or she becomes' lesa
capable has not the slightest foundation in logic' <jr. ih'|¡
fact Indeed, taking a line through the picture which
State Premiers present wh*n they meet to «ddreás thfm
selves to national finance and related matters' in Canberra, i
there is great virtue in the breadth of national approach '
and in detachment from narrow State and sectional
interests and influences , * '
The various views quoted by the Institute of Public
Affairs on the making of economic j policy suggest that
it is not the making of economic policy that is at fault
but the failure to acquaint the nation at large of the
facts of our economic existence from year to year For
instance, it is suggested that future reports of the
National Security Resources Board might combine
experience and practice to fill the gap The annual
Economic Survey presented by the Chancellor of the
Exchequer in the United Kingdom is cited as a model
for presentation in Australia Theoretially, the Budget
speech could serve this purpose, but in piactice it does
not give a complete picture, there being no example that
can be recalled of a Treasurer ti aversing in a Budget
speech the ill effects of Government financial policy on
business activity On the other hand, the annual state-
ment of National Income and Expenditure which is
presented ¡with the Budget papers is a valuable document
thaÇ goes some1 of the way in throwing light on economic
trends in Australia
The position is that the Commonwealth has access to
all the information that could give a complete picture of
economic trends in Australia, and it should be in a
position to secure the best advice in the light of that
information What it has not got is the faculty of
letting the light of day shine on a correct appieciation
of the facts This is not a geographical deficiency
ts«ocnted with, the, »hereabouts of the Seat of Govern-
ment but leílects i cuuou3 mconshtencj of economists
who themseHes not objecting to due publicitj aie often
leluctint to let less tiained thinker-, sha te the intoi
motion «it then disposal This might bt. i hirmless
inom ily in individuas but it is i «enous fiult when
pi íctistd in ihe spheie of government
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