Economic data released today confirms the resilience of Australia’s economy but we’ll need to work hard to sustain long term growth, Business Council chief executive Jennifer Westacott said.
“Today’s national accounts numbers are great news for the country. This positive result is driven overwhelmingly by states that reopened their economies following the Delta outbreak.
“Australia is bouncing back from the pandemic off the back of government leadership, increased activity and renewed household consumption.
“While the impact of Omicron restrictions and global volatility remain to be seen, these numbers show Australia’s economy is resilient.
“We are not out of the woods yet. To maintain our economic momentum, we need to act now to ensure Australia is competitive with the rest of the world, not stuck in the slow lane.
“We have to have our focus on the next 10 years, not just the next 12 months.
“Unlocking stubbornly low business investment remains a priority. To reverse it we need to make it easier to do business and act to fix the labour shortages and supply chain issues that risk holding us back.
“Common-sense steps that make permanent the easing of regulations during COVID need to continue, foreign investment screening should be streamlined and action is still needed on making the company tax system permanently more competitive.
“We need to reimagine the economy to secure our future by building on our strengths and creating exciting new global industries with higher paying jobs.
“The upcoming federal budget will be a chance to make us more competitive, drive investment, and ensure all Australians have access to the skills they need, when they need them, to secure those jobs.’’
The Business Council’s blueprint for a stronger Australia is outlined in our 2022 budget submission.