Advertisements placed by the Business Council of Australia calling for further economic reform to lock-in prosperity will appear in major metropolitan and regional newspapers throughout Australia tomorrow.
The advertisements remind Australians that economic reform has brought significant benefits to the community and warn of the consequences for Australia’s economy if reform stops now.
One of the two advertisements to appear in newspapers tomorrow – titled ‘Economic reforms have helped Australia to grow. Stop now and the opposite will happen’ – cites independent research commissioned by the BCA showing that without reform in four key areas of the economy – tax, red tape, infrastructure renewal and workplace relations – Australia’s living standards, compared to other OCED countries, will inevitably fall.
The advertisement also highlights BCA research showing that without previous labour market reforms, unemployment levels in Australia would still be above 8 per cent.
It goes on to state: “Research and modelling by Access Economics has shown that the average Australian is $83,000 better off as a result of economic reforms since 1983 than if those economic reforms hadn’t taken place.
“But if we stop economic reform now, the low growth scenario that would follow would mean our standard of living will fall from 8th to 18th over the next 20 years.”
From today, the BCA will also resume its national television advertising on the importance of economic reform to lock in Australia’s current prosperity.
The third of the BCA’s television ads will go to air on stations around the country today, in addition to the council’s two advertisements on the importance of economic reform for Australia’s future, which went to air last month.