The latest data on inflation shows that Australia’s only option to manage rising costs of living is to build our own resilience by taking control of every lever we can, Business Council chief executive Jennifer Westacott said.
“We can’t control inflation driven by events on the other side of the world, but we can manage the bottlenecks and blockages that make the problem worse.
“Previous changes to child care have helped ease the pressure on some fronts but there is no doubt Australians are hurting.
“Unnecessary friction in the economy is adding to costs and making it harder and more costly for Australians to get things done. We’ve got to shift gears to focus on the little things, because taken together they will help ease the pressure on Australian families.
“Every product that can’t get to shelves because there aren’t enough truck drivers or new homes that takes longer to approve because of unnecessary red tape is making this challenge worse. Every layer of complexity that slows down our ability import or export goods and services, get them through ports or move them around the country adds to household bills.
“We have to act now to manage labour shortages and supply chain blockages that are pushing up prices and punishing Australians. In the short term that will mean acting to fill the chronic workforce shortages
“Just as we did at the height of the pandemic, governments should be examining every piece of red-tape that makes it more expensive to plan, to get products onto shelves and to get things done.
“And, we can finally take the friction out of our planning system for major projects, make sure the supply of housing is orderly and efficient and reduce the outdated red tape that makes getting products to market and projects off the ground more expensive for businesses and consumers.
The Business Council will release our plan to take the handbrake off economic growth later this week.