24 February 2008

There is a real opportunity and challenge for the new federal government to undertake major fiscal reforms in the 2008–09 federal Budget to pave the way for greater future prosperity, Business Council of Australia President, Greig Gailey, said. 

Launching the BCA’s 2008–09 Budget Submission, Budgeting for Prosperity, Mr Gailey said the government should freeze real spending for the next three years in a move that would deliver cumulative savings of $32 billion and provide the strongest signal yet that it was committed to new levels of fiscal performance and accountability.

He said the real spending freeze would still allow nominal spending to grow in line with inflation, and could be achieved while also allowing for a redirection of spending to better invest in areas such as education. 

Appendix 1: ‘The bang for our buck – is our federal budget doing the job?’

Appendix 2: ‘How at risk is the budget to the economy?’

Appendix 3: ‘Are we prepared for the intergenerational challenges ahead?’

Appendix 4: ‘How are the states faring?’

BCA Budget Submission 2008–09: Budgeting for Prosperity

Opportunity for Australia to Budget for Future Prosperity (news release)