Steve Killelea

So for business, what it needs is it needs areas to invest.

But when economies aren't growing, where do they invest?

It gets very, very hard to find the productive spot.

So where do you park the money?

Into the stock market or into property, which then causes those assets to inflate.

Look, I think that's the sticking point.

I think the concept's an excellent point, but it's,

really works if you can do away with a lot of the social welfare payments.

But it appears to me that at the level to do that, where the taxation system isn't strong enough to take it, so the tax take in Australia is about 33% of GDP, which is

Slightly, it's a little bit on the low side compared to other OECD countries, but maybe you could up it 7% to do this, but that's not going to be enough to make the difference.

So it needs a lot more thought.

There may be ways of doing it by selectively picking which sorts of social welfare payments you want to keep, but it does need a lot of thought, a lot of thought.

Well, I think the alternative is welfare systems, isn't it?

That's what we're seeing.

So

I think this gets very, very complicated and all individuals are motivated differently.

But what we can say, there's certainly a certain number of people, a lot of it will depend on the backgrounds and where they come from, that will be happy to get the money and then have a very subsistence life and not really want to work.

be others, which will just take the pressure off, which will mean that there'll be, let's say, less dysfunctionality within the families, which means as the next generation comes through, they're more likely to be less affected.

So we certainly know, let's say, how the work we do on peace, the countries with the highest levels of peace, the most wealthy countries in the world, or amongst the more wealthy countries, combined with generally

strong democratic institutions and strong social safety nets because when people fall through the social safety nets what happens is one is you start to get poverty uh public means people haven't got enough to eat or they're eating very very badly that then affects their health then affects the next generation coming through and if it's bad enough they don't get enough nutrients for the brain so you've got all these ongoing effects