The Business Council of Australia (BCA) has welcomed the government’s assertion that the private sector should take the lead in generating the growth of the economy.
“The upcoming federal budget must fast-track the baton change from the government to the private sector, unshackling business so it can hire, invest, export, innovate and expand,” Business Council chief executive Jennifer Westacott said. “This means addressing the speedhumps that threaten to stall the recovery and continue to stand in the way of building a more dynamic, competitive, globally facing and advanced economy.”
The BCA also stressed the need to reopen Australia to the rest of the world, bringing back skilled migrants, the investment dollars, as well as the students and tourists that used to come to the country.
“We stand ready to welcome news of the expected imminent reopening of our borders. It also means generating the productivity growth needed to underpin growth and support sustainable increases in wages,” Westacott said.
“To do this we need to get the conditions right for businesses to invest in the new industries and new technologies that drive higher skilled and higher paid jobs,” Westacott added. “The most critical challenge is to make sure the skills system gives all Australians access to those jobs.”
Westacott also commented on the upcoming review of the Productivity Commission, saying, “The Productivity Commission’s five-yearly productivity review comes at a critical time when Australia needs to turn around its productivity performance. The review needs to examine the areas holding back productivity gains including skills, investment and regulation. We welcome the Treasurer’s announcement of the review and will actively support the Productivity Commission in this important work.”
The Business Council also welcomed the decision to clarify the tax-deductibility of rapid antigen tests and other COVID tests and to immediately exempt such tests from the FBT rules.
“The BCA has been a strong advocate for this change and the government has listened to business on this issue and responded quickly and decisively with a practical solution,” Westacott said.
