Today’s national accounts show the monumental task ahead of us and the urgent need to build on our strong position to avoid a long and protracted downturn, Business Council of Australia Chief Executive Jennifer Westacott said.
“We are looking at an unprecedented downturn with the biggest fall in GDP on record and business investment in freefall.
“This isn’t just about numbers on a spreadsheet, this is about people’s jobs and livelihoods. More than a million Australians don’t have work, more don’t have the hours they need and businesses are struggling to stay afloat.
“Australia went into this global pandemic stronger and has performed better than most other nations, that means we have choices.
“The decisions we make now will determine the strength and speed of our recovery.
“Our first challenge is to develop a nationally consistent health framework to keep people safe and manage our domestic borders so businesses can plan, put on staff and make investment decisions.
“We need a recovery plan that is driven by the private sector, focussed on job creation and getting investment going again - and we don’t have any time to waste.
“Only a growing economy will allow us to pay down debt and begin replacing lost jobs and hours.
“We’ll need to harness the spirit of cooperation we’ve achieved through this crisis to finally deal with some of our most difficult reform challenges – tax and regulation.
“The Business Council will unveil our practical plan for a jobs fuelled recovery later this week.”