The Business Council of Australia’s submission to the budget process in 2002 says that the government needs to be cautious, but also maintain a preparedness to move quickly to prevent any significant rise in unemployment on account of the social and economic cost it would inflict on the community.

The overarching theme is the need to improve the structural position of the budget for precautionary reasons. It also warns against spending in areas of ‘consumption’ at the expense of long-term investments, and a focus on tax and energy market reforms.

The submission states that Australia’s economic expansion in the past decade has been impressive and sustained, and that a reversion to greater discipline on both government expenditure and necessary reforms can only help maintain Australia’s impressive scorecard.

BCA Submission to the Budget Process 2002