Businesses fear policy swings: Barker

Business

ECONOMIST Paul Barker says business tends to fear policy swings more than changes of government.
The executive director for Institute of National Affairs (INA) said of course the two can go together, but in the earlier years of PNG’s existence, policies (and even some Ministers) remained fairly consistent, even as governments changed.
Barker was responding to questions by The National on the alternative government’s plan to review and amend policies relating to the resource sector.
He said: “There’s been extensive private sector nervousness over recent years, related to planned or proposed policy and legislative changes, even during the term of the current government, related to SMEs and restrictions on foreign investment, land legislation, mining policy and legislation, foreign exchange management, agricultural controls, creation of trading and production monopolies etc, with the private sector having to raise its concerns, and government putting them on hold for consultation, but not setting them aside.
“It is the prerogative of a government to provide policy and review and propose updates to legislation, where needed.
“In countries like Australia some political parties tend to be considered more pro-business than others.
“In PNG, the parties don’t really have the ideological basis that parties in Australia, New Zealand, Japan or the United States have.”