This is the Business Council of Australia’s budget submission for the 2020-21 budget.
After a decade of deficits, Australia has finally balanced its budget. However, economic growth is slow and the nation continues to face global uncertainties.
We, therefore, recommend the budget deal with three priorities:
- a balanced budget and return to surplus to pay for services and protect Australia from economic shocks
- an unprecedented focus from Commonwealth and state governments to accelerate the rate of economic growth, and
- a renewed focus on planning for the long term by reforming the Intergenerational Report and mapping out a course for long-term tax reform.