Budget must secure our economic future

Business Council of Australia

Pottinger research commissioned by the Business Council

shows that this year’s budget must lay the groundwork to supercharge investment and exploit our national strengths, Business Council chief executive Jennifer Westacott said.

“We know this budget will need to start the task of budget repair and supercharge our recovery. That won’t be austerity or big new spending, we have to grow our way out of it by preparing the economy for the big shifts that lie ahead.

“At the same time, the world is changing around us.

“As Pottinger demonstrates, we are in the crosshairs of major shifts including the rise of Asia, technological and digital advances and the global adoption of green energy sources.

“These changes present big opportunities for Australia and by reversing record low investment we can secure the well-paid, secure jobs Australians want.

“Emerging opportunities in areas like renewable energy, the technology revolution and growth in the bioeconomy can be sources of new growth and new jobs for Australia – but we’ll have to beat other nations to them.

“We know we can do this because many Australian businesses are already at the cutting edge but it will mean outcompeting larger nations with deeper employment pools.

“Locking in success will require us to outcompete much larger nations to attract capital and transform our economy.

“It is business investment that will transform our economy but it is still languishing at levels not seen since the early-1990s recession.

“Australia will need to win the war for globally mobile talent and ensure Australians can get the right skills quickly with a skills system fit for the 21st century.

“We will need to urgently address the serious structural barriers that risk holding back the private sector including acute worker shortages and supply chain issues.

“It’s more critical than ever that we make the most of our workforce.

“The shortage of workers is creating havoc for large and small businesses across the nation’s critical supply chains and contributing to inflationary pressures.

“And, we must once and for all make it easier to do business in Australia.

“The government has already started to put the foundations in place to prepare, this budget is a chance to do even more.”

Read Pottinger’s Investing in Australia’s future report here

Read the Business Council’s budget submission here

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