“Market volatility in the wake of the US Presidential Election underscores the absolute imperative on our own political leaders to strengthen Australia’s competitiveness and repair the Budget, so that our economy remains prosperous amid global shifts,” Business Council Chief Executive Jennifer Westacott said. 

“As a strong, open US economy is important for Australia and the global economy, we must also step up our efforts to champion free trade and a more competitive business sector.

“Australia businesses have important trade and investment ties with the USA and we hope those ties will not only be maintained but strengthened in coming years.

“Overall, in challenging and volatile times, Australian business must provide the ballast in the economy that ensures all Australians continue to enjoy growth and prosperity.

“It is important to note that the US Senate and Congress also play a fundamental role in policy making and implementation in that country, and the results of voting in many races are yet to be declared.

“However, it is clear that many people have sought a shift from politics as usual in recent years.

“This is an important reminder that prosperity must be delivered to all. The Business Council believes that the best way to achieve social progress is through economic opportunity driven by a strong business sector, particularly through creating more and better paid jobs.

“We can never lose sight of the importance of robust policies that ensure the benefits of a strong and growing economy are shared throughout the Australia community.”