The Treasurer’s economic update paints a stark picture of the big challenges Australia faces but we remain better placed than most other nations, Business Council chief executive Jennifer Westacott said.
“This is about more than just numbers on a page, behind inflation data is a family struggling to make ends meet and behind the unemployment forecasts are Australians who just want to get ahead.
“We agree with the Treasurer, many of these challenges are beyond Australia’s control but that makes pulling the levers we can control more important than ever.
“Unnecessary friction in the economy is adding to costs and making it harder and more costly for Australians to get things done. We’ve got to shift gears to focus on the little things, because taken together they will help ease the pressure on Australian families.
“Every product that can’t get to shelves because there aren’t enough truck drivers or new homes that takes longer to approve because of unnecessary red tape is making this challenge worse. Every layer of complexity that slows down our ability import or export goods and services, get them through ports or move them around the country adds to household bills.
“We’re backing the government’s ambition to get wages growing but to deliver on this goal and keep unemployment low Australia must pull out all stops, supercharge productivity and make itself a magnet for investment.
“The government’s Jobs and Skills Summit is a chance to reset Australia’s direction and put us at the front of the pack, but that doesn’t mean we can’t act on the little things before it.”