This is the full Business Council of Australia Budget Submission 2012–13.
The 2012–13 Budget could be a watershed for Australia but it requires the government to do more than stay on the same path of fiscal consolidation that it outlined previously.
Australia’s current situation suggests we face a difficult conundrum. We need to adopt a new, more sustainable approach to fiscal discipline at a time when a range of factors, both global and domestic, are conspiring to make this task ever more difficult.
The challenge for the government in this Budget will be finding the structural savings to underpin longer-term fiscal discipline without detracting from programs that enhance the productive capacity of the economy.