The Business Council is releasing its pre-budget statement today, calling on the country to focus on three priorities: accelerating economic growth; maintaining fiscal discipline and spending more efficiently.
“Australia has so far achieved a leading post-pandemic recovery, but that is not assured, global growth forecasts are being revised down, inflation has yet to reach peak and central banks continue to raise interest rates,” Business Council chief executive Jennifer Westacott said. said.
“The decisions we make now will have huge implications for job security and the well-being of families.
“We are at a critical stage in our recovery, and we must act cautiously to lock in our success and protect Australians from the faltering global economy.
“Now is the time to act with caution to protect Australia’s economic security.
“On issues such as labor relations reform, we will need to tread carefully to avoid the unintended consequences that increase strikes and sabotage our record unemployment rate.
“There is no overarching framework on the table for how proposed workplace changes would lead to higher wages or a stronger economy. Businesses fear that the first proposal they see could be a finalized bill.
“Before any sweeping changes are made to our workplace relations system, we need to be very clear about the problem they seek to address and the potential consequences.
“We want wages to rise, but this challenge will not be solved by the workplace relations system alone. A more complex system will not only sabotage wages, it will drive up unemployment.
“Next week’s budget is a chance for the Albanian government to lay out a clear plan to raise real wages by increasing our dismal productivity performance, training Australians and carefully managing spending to fight inflation.
“Australia needs a federal budget that sets out a long-term plan to pay off the national credit card and pave the way for growth.
“Restoring our fiscal position is not just a matter of numbers on a spreadsheet, it is a way to protect Australians from the next global crisis and maintain the services Australians want.
“When it comes to incomes, we will need more successful businesses to continue doing the economic heavy lifting, and households with the right incentives to work and thrive.
“Attracting new investment and stimulating economic activity will be key to sustaining the $126 billion in corporate tax revenue paid last year. This underpins the services Australians deserve and expect.
“To control spending, we call for better service design, not cost reduction.
“Our challenge is to manage expenses by providing better and more efficient services to Australians by putting their needs at the center and using technology more effectively.
“This is more targeted spending to ensure the services Australians want can be delivered over the long term, not through blind cuts.
“Every decision we make must move us closer to a more competitive, productive and internationally dynamic economy that allows businesses to invest, innovate, hire and pay Australians more.”
You can read the full statement here.