Growth plan required to exit recession
The release of the latest economic data showing Australia is now in a recession induced by the COVID-19 pandemic should serve as a catalyst to roll-out a “comprehensive” growth plan, according to the Australian Investment Council (AIC).
Yasser El-Ansary, AIC chief executive, said as we rebound out of the COVID-19 downturn, economic recovery must be underwritten by gains in innovation and technology to drive increased productivity.
“To make that happen, we have to boost our global competitive standing and attract new domestic and offshore investment capital to our market,” El-Ansary said.
“The Federal Government must continue to work with all States and Territories through the National Cabinet to support the business sector in regaining the economic momentum that has been lost through the impact of the global pandemic.
“Now is the right time for all jurisdictions to work together to rebuild Australia’s strong economic foundations.”
The AIC released the ‘Roadmap to Recovery – Creating a Strong and More Dynamic Economy’ plan, which included taxation reform; market deregulation and red tape reduction; innovation, technology and skills; industrial relations reform; infrastructure spending; international competitiveness; and superannuation and Australia’s ageing population as key areas of reform to improve the economy.
“Our members tell us every day that their businesses stand ready to do the heavy lifting on creating new economic activity and new jobs, but key policy frameworks across the economy must be strengthened in order to unlock the unique ‘first-mover’ opportunity that Australia has in its grips right now,” El-Ansary said.
“COVID-19 lockdowns have demonstrated the importance of investment in technology that enables Australian businesses to innovate and lift their productivity through digital go-to-market channels across every sector of the market.
“We have to double-down our investment in technology now, and recognise that technology will play a critically important role in our economic recovery over the months and years ahead.”
AUTHOR
Chris Dastoor
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