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In economics, one of the most important concepts is 'opportunity cost' - the idea that once you spend your money on something, you can't spend it again on something else.

Malcolm Turnbull

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Malcolm Turnbull
Age: 70
Born: 1954
Born: October 24
Barrister
Entrepreneur
Investment Banker
Journalist
Member Of The Australian Parliament
Politician
Sydney
NSW
Malcolm Bligh Turnbull
Spend
Opportunity
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Money
Else
Ideas
Economics
Important
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Cost

More quotes by Malcolm Turnbull

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In terms of our region, what we need to ensure is that the rise of China [is] conducted in a manner that does not disturb the security and the relative harmony of the region upon which China's prosperity depends. Now - now, that requires careful diplomacy, it requires balancing.
Malcolm Turnbull
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You've got to remember that it's a two horse race. So when the Government is doing badly the Opposition is doing better and vice versa.
Malcolm Turnbull
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Governments enjoying surpluses have a very strong temptation to splash money around, and while tax cuts are always appealing, cutting taxes at the top of a boom runs the real risk of creating a structural deficit when the boom subsides.
Malcolm Turnbull
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We are already experiencing the symptoms of climate change, especially with a hotter and drier climate in southern Australia - the rush to construct desalination plants is an expensive testament to that.
Malcolm Turnbull
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Government will not nominate the former Labor prime minister [Kevin Rudd] to be the UN's next secretary-general.
Malcolm Turnbull
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Newspapers are busily experimenting with different models. Traditionally, and I suspect in hindsight very mistakenly, online news was free. And once given free access readers felt it was their entitlement.
Malcolm Turnbull
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This is a very tough business, politics. It's easy to get resentful or full of bitterness ... (but) I think hatred hurts the hater more than the hated. So I'm looking back on my time positively.
Malcolm Turnbull
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Americans understand that they have no stronger ally, no better friend, than Australia.
Malcolm Turnbull
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Mitt Romney speaking to a $50,000-a-plate Republican fundraiser says he doesn't have to worry about the 47 per cent of Americans who don't pay tax. He was not counting on the smart phone recording his speech and then posting it on YouTube.
Malcolm Turnbull
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You will never find a better friend to the United States than Australia.
Malcolm Turnbull
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You cannot keep on saying oh, you know, talking about disrespecting women as just being politically correct or it's not a big deal or brushing things off. You've got to be aware of it.
Malcolm Turnbull
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The biggest review of taxation ever undertaken in this country, is now dead in the water.
Malcolm Turnbull
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I do not believe we can effectively move Australia to a lower emission economy, which is what we need to do if we're going to make a contribution to a global reduction in greenhouse gases, without putting a price on carbon.
Malcolm Turnbull
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I've been around in public life for a long time. I think people know what I stand for. They know that I have strong convictions, committed principles and I'm prepared to stand up for them.
Malcolm Turnbull
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While our energy efficiency is improving, there is a very high correlation, almost near perfect correlation, between GDP growth, and energy usage.
Malcolm Turnbull
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If consulted by friends about marital dramas, I always encourage the singles to marry, the married to stick together, the neglectful and wayward to renew their loving commitment and the wronged to forgive.
Malcolm Turnbull
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I believe that politicians should speak the truth all the time. Invariably there will be occasions when you make statements that are factually incorrect due to an error.
Malcolm Turnbull
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There is nothing more important in business or politics than a deal is a deal.
Malcolm Turnbull
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Are not the gays who seek the right to marry, to formalise their commitment to each other, holding up a mirror to heterosexuals who are marrying less frequently and divorcing more often?
Malcolm Turnbull
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Broadcasters or politicians or writers who think that they are respecting Struggle Street, the battlers, by dumbing things down into one-line sound bites are not respecting them, they are treating them with contempt. It's our job above all in politics to tackle the big issues and to explain them.
Malcolm Turnbull