Australia is on the right path to recovery but we will need to lock-in this positive result with permanent changes to boost business investment and job creation in long term, Business Council chief executive Jennifer Westacott said.
“This solid result is built on unprecedented government support that has kept people in jobs. Now, it is time for the private sector to take over the heavy lifting.
“Investment is moving in the right direction thanks to sensible short-term incentives to get projects off the ground but it remains below pre-COVID levels.
“This shows that these things work, the challenge is now locking them in across the whole economy to drive investment, become a global magnet for new capital and create new jobs.
“Global boards are making decisions now with investment horizons that are decades in the future, so we will need to send a clear signal that Australia is open for businesses and new jobs.
“The economy is 1.1 per cent smaller today than before the pandemic. We’ll need to grow more than 4 per cent each year until 2024 just to get back to our pre-COVID trajectory.
“We can start unleashing the job creating power of businesses with a vaccination roll-out linked with sensible action to unlock the economy.
“We’ll also need make ourselves a more dynamic and modern economy, taking advantage of the growing regional economies and innovative companies that are powering up on our doorstep.
“We need to lift our global competitiveness and make ourselves and attractive location for investment, building on our success in traditional areas while also creating new and lucrative industries.
“We must also continue to drive new investment across the economy with the right tax incentives, a workplace relations system that encourages job creation and by axing the red-tape that acts as a roadblock to investment.
“It is business that will need to create the jobs and make the necessary investments. Business is up to the challenge."