Australia must lock in our momentum

01 June 2022

The economy is growing, and the challenge will be maintaining and building momentum, Business Council chief executive Jennifer Westacott said.

 “Our economy is poised for a world leading recovery but it hinges on our ability to sustainably drive investment, productivity and sustained stronger growth.

“Australia went into this global pandemic stronger and is emerging better most other nations, that means we have choices.

“Business has the strong balance sheets and capacity to do this, but we need the right policy tools.

“The first challenge will be managing the workforce and skills shortages that are creating bottlenecks across the economy and risk stalling the recovery.

“To do that, Australians need access to the skills system that lets them upskill rapidly, get jobs in new and emerging higher paying industries.

“And, we need a migration system that fills workforce shortages across the economy with the right targeting and incentives.

“To accelerate our economic momentum, we need to act now to ensure Australia is competitive with the rest of the world.

“Many of the global economic headwinds are outside our control and that’s why we need to double down on investment and driving productivity in Australia. This is how we get the economy to grow faster.

“We’ll also need to seize the opportunity to end the deadlock on workplace relations by restoring the enterprise bargaining system to lift productivity and enable Australians earn more.

“Only a growing economy will allow us to pay down debt, boost wages and position Australia for the future.


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