Australian business leaders: The time is right to get the economy moving again

Business leaders in Australia have endorsed the government’s plan to move the economy back on track after years of stagnation, in a move expected to create around $2 billion a year in additional economic activity.

Key points:Companies and governments have long said the Federal Government’s “job-killing” carbon tax has been a huge drag on the economyAustralia has been the world’s second-biggest greenhouse gas emitter after China, but has struggled to ramp up to a more sustainable pathSource: The Australian Business Council and the Australian Chambers of Commerce and Industry”The first thing we have to do is get the GDP back to where it was, to where we want it to be,” Tony Abbott told the annual business forum in Melbourne on Wednesday.

The government has previously called the tax a “job killer” and said it was hurting businesses, but it was also blamed for slowing economic growth and job creation.

Mr Abbott, who will chair the new committee on jobs, innovation and productivity, said the new group would focus on the importance of building an Australian manufacturing base.

“We know we can’t do it alone.

We need our international partners, the international investment, the export base, to come in, to bring in jobs and support our manufacturers,” he said.”

And we have got to start by ensuring that our manufacturing base is built.”

The new committee, led by Dr Tony Atkinson, will examine whether the government has the right balance between protecting Australia’s manufacturing and the economy.

The panel’s chairman, John Butler, has been critical of the government for not tackling climate change and the Federal Budget failed to meet its target to cut greenhouse gas emissions to 40 per cent below 1990 levels by 2030.

But he also praised the government on Wednesday for its plans to tackle climate change, including the carbon tax, which will raise $1.8 billion over the next five years.

“The Federal Government is taking an ambitious approach to climate change,” Dr Butler said.”[It] is taking bold steps to make sure Australia’s economy is resilient to climate changes and the consequences that that will have for jobs and economic growth.”

Topics:business-economics-and-finance,government-and,environment,environmental-impact,jobs,federal—state-issues,environment-policy,australiaFirst posted March 13, 2021 21:42:25Contact Julie Goss