Economics and Industry
The Australian Chamber advocates for a strong, dynamic and globally competitive Australian economy by advancing the cause of economic reform. We must focus particularly on lowering and simplifying taxes, streamlining the federation, reducing the size of government, eliminating red-tape, improving efficiency and enhancing our national productivity.
- Strong economic growth and rising living standards
- Low taxes and restrained public sector spending
- Internationally competitive and productive economy
- Streamlined federal and state regulation
- Full employment and improved workforce participation
- Sustainable low rates of inflation
Governments manage governments not economies. The responsibility of government is to efficiently manage and reform public spending while ensuring existing laws and regulations do not discourage economic growth and development. This includes ensuring budget discipline and avoiding unsustainable public debt burdens for current and future generations.
Australia’s taxation system needs to encourage investment, strengthen workforce participation and must not discourage risk-taking and entrepreneurship. It is important that both state and federal governments view Australia as a single national tax base and avoid duplication, complexity and over-taxation. We must avoid an excessive tax burden that harms the incentive to produce and limits economic growth.
Building newer, better and more cost-effective infrastructure that meets business and community needs while removing productivity bottlenecks is a top national priority. We must focus on improving access to infrastructure financing and promoting greater private sector involvement in the planning, funding, construction and operation of infrastructure assets.
Australia must secure reliable, safe and competitive supplies of energy to underpin stronger industry growth and support a world-class resources industry. We must focus on ensuring continued supply of energy products, including coal, natural gas and other resources, at competitive prices for business and households domestically, and also for export.
Competition is the underlying dynamic which drives the market-based economic system and has the potential to transform much of what have traditionally been public sector services. We must ensure that Australia has dynamic and competitive industries with a whole-of-government industry policy approach that facilitates development rather than discouraging or distorting markets.