Measures help business drive the economy

12 March 2020

Measures help buisness drive the economy

The government’s targeted and well thought through package today recognises that businesses are the key to keeping Australians in jobs and that investment is the key to a strong economy, Business Council chief executive Jennifer Westacott said.

“The budget in two months’ time will give us a chance to do the heavy lifting of making sure the recovery is permanent and the economy bounces back stronger than before, particularly given growth was below average before this series of crises. 

“But today’s stimulus announcement is aimed at stabilising the economy and keeping people in jobs.

“The fact that three in every four dollars of the package is directed to business recognises that it is business that will keep people working.

“Businesses need to bring forward their investments, particularly fast-track investments that generate economic activity and jobs, especially in regional areas.

“We have called for a focus on investment for some time and we welcome the government’s response to that.

“We particularly commend the instant asset write off and accelerated depreciation initiatives which will encourage investment and allow small and medium-sized businesses to grow.

“We strongly support the direct assistance to business to allow them to keep people working.

“Moving to protect apprentices is also a positive move. We must keep apprentices working so we have the skills to run the economy post this crisis.

“State and local governments need to do their part to make it easier to do business by reducing red tape and unnecessary regulation, and speeding up planning approvals. These are handbrakes on economic growth and jobs.

“Local governments should act immediately to lift the restrictions on deliveries, so we can keep shops fully stocked.

“The longer the coronavirus goes on, the more vulnerable Australia’s biggest companies will become.

“So, the budget is the next opportunity to shore up our competitiveness and permanently change the trajectory of the economy.

“We need to encourage investment in the large projects that drive supply chains, keep us internationally competitive, and generate thousands of jobs. Delivering these projects is particularly important to the resources sector which acts as the backstop to the economy.

“Businesses are playing their part in dealing with the immediate challenge of coronavirus.

“Our members are supporting small businesses by accelerating payment times and are being as flexible as possible to support staff who are impacted by the virus.

“We will continue to work with the government to ensure Australians stay in jobs and the economy comes back stronger.”


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