We need to lock in the positive economic data

Economic data released today confirms the resilience of the Australian economy, but we will have to work hard to sustain long-term growth, said Business Council chief executive Jennifer Westacott.

“Today’s national accounts figures are great news for the country. This positive result is driven overwhelmingly by states that reopened their economies after the Delta outbreak.

“Australia is recovering from the pandemic thanks to government leadership, increased activity and the recovery of household consumption.

“While the impact of the Omicron restrictions and global volatility remains to be seen, these figures show that the Australian 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, and not stuck in the slow lane.

“We need to focus on the next 10 years, not just the next 12 months.

“Unleashing investment from stubbornly weak companies remains a priority. To reverse it, we need to make it easier to do business and act to address the labor shortages and supply chain issues that stand to hold us back.

“The common sense measures that make the relaxation of regulations permanent during COVID must continue, the screening of foreign investments must be streamlined and measures are still needed to make the corporate tax system permanently more competitive.

“We need to rethink the economy to secure our future by building on our strengths and creating exciting new global industries with better paying jobs.

“The next federal budget will be an opportunity to make us more competitive, boost investment and ensure that all Australians have access to the skills they need, when they need them, to secure those jobs.”

The Business Council’s project for a stronger Australia is described in our Tabling of the 2022 budget.

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