The Business Council of Australia welcomes the commitment by the Coalition to revitalise the Charter of Budget Honesty, an important framework that underpins fiscal discipline and transparency.
The BCA has long called for the Charter to be refreshed to better reflect the long-term fiscal pressures facing Australia and the need for stronger fiscal guardrails.
Fiscal rules and benchmarks provide an overarching framework to guide and assess progress on budget repair. They help ensure taxpayer dollars are spent efficiently, keep taxes as low as possible while maintaining quality services, and support a sustainable path for government debt.
Updating the Charter to require clearer fiscal strategies and stronger fiscal rules, including transparent targets for budget balance, spending growth and debt, will help ensure governments maintain spending discipline and keep long-term budget goals on track.