The Business Council of Australia (BCA) welcomes the opportunity to provide this submission on the upcoming budget, the first for the new Albanese Government. The October Budget will set an important tone for the government’s first term. The Treasurer has described the upcoming Budget as “bread and butter”, implying there will be few new policy announcements, outside the already announced expanded childcare subsidies, tightening of multinational tax arrangements, the expansion to paid parental leave arrangements, the new commitments on infrastructure and a review of “waste and rorts”.

Budgets are hugely important for business. They provide much-needed policy direction and certainty, so it is essential that the government outlay a long-term fiscal strategy, with the policy detail to follow in the Budget next May. For now, the government should act to achieve the right balance between growing the economy and imposing more fiscal discipline and expenditure reform.

The Business Council will provide a submission ahead of the May 2023 Budget that will include detailed policy proposals. For now, this submission includes mainly higher-level discussion, including on the economic outlook, the importance of fiscal sustainability, plans to grow the economy, revenue sustainability and expenditure quality and control, and long-term opportunities and challenges.

You can read the full statement here.