The Prime Minister has outlined a suite of policy reforms that have the potential to create jobs and improve Australia’s economic competitiveness, the Australian Chamber of Commerce and Industry said today.
James Pearson, CEO of the Australian Chamber, said: “It was pleasing to hear Prime Minister Malcolm Turnbull at the National Press Club today spell out his approach to economic policy issues, including company tax, energy prices and affordable childcare. All of these are key planks in improving Australia’s economic competitiveness, which will allow businesses to create jobs.
“The Prime Minister is right that making our rate of company tax more competitive will benefit Australian households. He noted that the Enterprise Tax Plan will leave the average Australian worker $750 a year better off, each and every year.
“We are in a fierce competition to attract investment from at home and abroad, with other countries looking to cut their company tax rate. We urge the Parliament to pass the schedule of tax cuts for businesses of all sizes in order to maximise the gain to households and encourage businesses to create and sustain jobs.
“It is encouraging to see the Prime Minister recognise the importance of energy for businesses and households. We need policies that deliver reliable, secure and affordable energy in order for businesses to grow and create jobs, particularly in the resources and manufacturing sectors.
“We need policies that cut the cost of energy in Australia while also fulfilling our international commitment to lower greenhouse emissions. Renewable energy has its place in Australia’s energy mix, but uncoordinated and unrealistic renewable energy targets risk strangling industry. Governments at all levels need to deliver policies that make best use of Australia’s natural advantage in low-cost energy.
“Families across Australia need access to affordable childcare if we are to boost workforce participation, particularly among women. The Prime Minister’s approach will allow spending on childcare to most effectively target those who need it. It is reasonable for the family tax benefits to be reduced in order to fund this support.
“It is reassuring that the Prime Minister has restated his commitment to free trade following recent developments on the Trans-Pacific Partnership. He is right that trade is delivering benefits to communities across the nation, and we look forward to those benefits expanding through prompt sensible action to improve Australia’s competitiveness.
“The Prime Minister has spelled out a thoughtful economic agenda. We urge the Parliament, including the Opposition, to allow him to put it into action rather than creating gridlock, which saps the confidence of households and businesses.
“The Australian Chamber has offered a range of policy ideas to improve Australia’s economic competitiveness in our Top 10 in 10. In coming days we will release our Pre-Budget Submission to talk more about how Australia can prepare for the challenges ahead.”