Business heavyweights have sounded a warning about the economic dangers of populism, saying it threatens to corrode trust in key institutions and make it harder to achieve much-needed policy reforms.
Commonwealth Bank chief executive Matt Comyn, who in August attacked a Greens’ policy on tax as “insidious populism,” warned that a weakening in the quality of public debate could ultimately have a “chilling” effect on the economy by eroding trust in institutions. “I think there’s always room for a robust but civil debate and I think we’ve certainly seen examples of that, but we’ve certainly seen some examples of perhaps less fact-based debates and discussion,” Comyn told this masthead as he arrived at the BCA event.“I think if the quality of the debate and discussion erodes, it has a chilling effect on the economy, and I think, in trust and confidence in institutions of all types, over time.
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