Budget submission 2021-22: Building on our success

17 March 2021

Growing our economy by just one per cent extra a year would leave each Australian $770 better off per year and help us return to full employment.

The Business Council’s pre-budget submission calls for measures to:

Reopen the economy

  • unlock the economy with a national risk-based plan that links the vaccine roll-out with sensible measure to unwind restrictions, and
  • end knee-jerk state border closures to rebuild confidence and create new jobs.

Position the budget for growth

  • put in place a fiscal strategy to support growth, and
  • be transparent about the level of debt the economy can cope with and work towards that as the core target. 

Drive new job creation and investment

  • extend the government’s temporary expensing measure until 2023 to bring forward projects, let businesses expand and employ more people
  • a broad-based 20 per cent investment allowance that makes us a more competitive place to do business, start big projects and create jobs
  • make the Foreign Investment Review Board more effective by streamlining the process for low-risk investments, and
  • speed up the process of getting rid of red tape which is holding back investment.

Get research and development right

  • turn Australia’s world class ideas and research into jobs by setting national priorities and focussing on our existing and emerging strengths
  • assistance should be scaled for impact and not be spread too thinly
  • the scheme should support partnerships between universities and business, and back in the modern manufacturing strategy, and
  • be willing to co-invest with the private sector and universities to grow new industries which will grow new jobs.

Build the infrastructure we need

  • infrastructure projects to pursue a place-based approach
  • all jurisdictions to implement best practice strategic planning and planning approvals systems that lead to faster and lower cost approvals for projects of all sizes, and
  • a renewed focus on regionalisation.

Create an energy system ready for the future

  • put in place a 2050 net-zero target across the economy, so everyone knows where we are heading and when we’ll get there, and
  • prioritise investment incentives for the energy sector and decarbonisation projects.

Skill up the workforce and return people to work

  • provide additional funding to support at least 1,000 new digital micro-apprenticeships
  • give Australians the skills they’ll need for free for new jobs including the basics with a national scheme to build basic literacy, numeracy and digital literacy through a foundation skills guarantee
  • properly recognise short courses and micro-credentials through a national skills passport that works like a digital CV, and
  • boost women’s workforce participation by reducing the disincentives to work in the child care subsidy and increasing paid parental leave and encouraging more equal sharing of care.

You can download our submission here

Read our media release here


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