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This journal is published by the Committee for Economic Development of Australia to encourage discussion of social and economic matters. This issue contains the following articles: Australia and Japan: adapting to change / Tim Fischer; A new consensus / Kim Beazley; Will lowering wages create more jobs? / Jeff Borland, Grant Belchamber and Steven Shepard; Business taxation / John Ralph; Growing innovative industries / Jeff Kennett; Regional renewal: answering the challenge of the global economy; Power and banking / David Murray; The urge to merge: restructuring financial services in the global era / Maurice Newman; Labour market programs and the job network / Thorsten Stromback and Michael Dockery; Diversity and dollars; Individual employment agreements; Shattered myths of manufacturing / Paul Zuber; The upside of investing down under / Rick George; Price regulation of utilities; Reform wasn't meant to be easy...and never is / Gary Banks; Managing fiscal responsibility / David Hamill; and Planning for Perth.