I think it is true that, post the global financial crisis initially - and for some period after that and particularly with how the mining investment boom and commodity prices played out - there was a dislocation that occurred in some of the more traditional mechanisms.

Firms gain comparative advantage from how good their people are. Retaining and attracting talent is a key point of competitive advantage in the global economy. We are seeing that play out, and there are implications for Australia, too. The idea that companies now compete on who can pay their workers the lowest - that's all changing.

All economies are structured differently - the tax systems, the regulatory systems, the federal systems - and that is as true of Australia and the United States as it is of Australia and Germany and the U.K.

Scott Morrison Quotes