Perception of Rent Seeking In Australia - A Conceptual Approach Study

Journal Name: 
Journal of Banking, Information Technology & Management
Volume: 
Vol. 13 - No. 2
Authors: 
Author Name Designation Organization
M.Ganeshan
Abstract: 

This research paper builds on an understanding of the perception of rent seeking in Australian society by adopting the conceptual approach. Rent seeking as a term is well understood now. Rent seeking behavior can be seen in every country, may it be developed or developing or under developed. Rent seeking is an attempt to obtain unsolicited and unwarranted economic rent from the society at large by manipulating the existing social and political environment and thereby redistributing the wealth rather than creating it.
The paper adopted the literature review methodology for even data collection and data analysis to comprehend the Australian rent seeking practices.
The conclusion was drawn based on literature review that perception of rent seeking in Australia is no different from other countries. Also, lobbying occupies the prime position among prevalent rent seeking practices to extract economic rents. It was observed that political donations influence the political parties and their decisions in the government by way of policies and procedures. Though corruptions and bribes exist, it is minimal as such so far. Donations to politicians and political parties, especially during the election time are apparently visible with known motives behind it. It also has rent seeking practices such as Tariff cuts, subsidies, protectionism, allowances and exemptions from taxes and regulations and property rezoning.
Australia has to address the issue of rent seeking on priority basis as it is growing day by day in all fields and length and breadth of the society. They don't despise rent seeking at all.
In conclusion, the perception of rent seeking in Australia is similar to the concepts understood elsewhere in the world and rent seeking process and conventions are very much same.