There is now more reason than ever for next month’s Federal Budget to contain economy-growing policies following the release of the latest National Accounts, Australia’s largest network of businesses, the Australian Chamber of Commerce and Industry, said today.
The National Accounts showed economic growth grew by just 0.2 percent in the final three months of 2018, dragging the annual rate down to 2.3 percent. The Australian Bureau of Statistics figures showed this is the weakest quarter since September 2016.
“This is a disappointing result,” Australian Chamber CEO, James Pearson, said today.
“It is even weaker than the Reserve Bank’s recently downgraded economic forecasts.
“The April 2 Federal Budget must lay out economy building policies to ensure businesses keep growing and are in a position to continue to employ more Australians.
“Both sides of politics must take a hard look at their respective policy agendas in the run-up to the May election and focus on what is good for Australia as a whole.
“That means effective policies on taxation, energy, skills and workplace relations.
“To shore-up our economic defences, the major parties must also ensure budget repair doesn’t just rely on temporary fluctuations in Government revenue and there is an increased effort to make sure taxpayers’ dollars are spent in the most efficient way possible.
“As election day approaches, it is hard to shift the focus off the political issues, but these GDP figures show the need for both parties to commit to policies which recognise the central role of businesses in creating wealth and jobs, and which will lead to stronger economic growth.”
The Australian Chamber speaks for over 300,000 businesses employing millions of Australians in every sector of our economy and in every part of our country