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Business and industry groups have warned the Australian government that they must take action now to stave off a looming recession.
They are calling on policymakers to heed the warnings in time to make changes at the upcoming Jobs and Skills Summit.
Australian Chamber of Commerce and Industry chief executive Andrew McKellar said the latest state of the economy address from Treasurer Jim Chalmers is a clear warning for the Australian government that it must provide renewed impetus to drive growth and lift prosperity.
“The strength of the economic headwinds reveals a grim outlook for the Australian economy and must act as a wakeup call. While exposing existing vulnerabilities, these challenges represent an enormous opportunity for government to make bold, productivity-enhancing policy commitments,” he said.
“The IMF’s latest global growth forecasts have shown that the Australian economy has proven to be remarkably resilient when compared to the bleaker prospects faced by many other developed countries.
“Economic forecasts released today come as businesses grapple with prolonged supply chain disruptions caused by the pandemic and fallout from Russia’s invasion of Ukraine, dire labour shortages, and rapidly tightening financial conditions as the RBA seeks to contain runaway prices.
“With inflation expected to continue climbing, higher interest rates to restore price stability, and more pessimistic growth forecasts, there is a clear risk of severe economic pain for businesses and for households.
“The upcoming jobs and skills summit must be a catalyst for a bold agenda for workforce reskilling, migration, and bargaining reforms.
“Now is the time for government to take on a revitalised and ambitious agenda for reform. While we must not underestimate the challenges of building consensus, business is ready to play its part.”
Ai Group CEO Innes Willox said the Treasurer’s economic update is a sober and realistic review of the challenges the Australian economy faces over the year ahead.
“The data produced is not a surprise. Although the economy has displayed tremendous resilience over the past 30 months, an array of external forces, supply shocks, labour constraints and the impact of some of the stimulatory measures taken over that period mean we are in the midst of an inflationary spike and face clear risks of it being prolonged,” he said.
“This will challenge policy makers, businesses and their workforces. The September Jobs and Skills Summit with its focus on productivity, skills, training, migration and workplace reform measures will hopefully provide the start of a coordinated national response.
“More than ever, we cannot allow fiscal, monetary and wages policy to work against each other as we navigate what are clearly challenging times. The reality is that the thousands of businesses from across the economy still emerging from the impacts of the COVID response will face increasingly tough conditions over the next part of the economic cycle.
“The October 25 budget provides a key marking point in the Federal Government’s response. A strong focus on building economic resilience must be at its core.”