GDP FIGURES A 'WAKEUP CALL' FOR PARLIAMENT
Written on the 8 December 2016 by Business Council of Australia
THE GDP figures are an end-of-year wakeup call for Parliament about what lies ahead for the country, according to the Business Council of Australia.
Business Council chief executive Jennifer Westacott (pictured) says Parliament can't afford to avoid facing up to Australia's very real and growing challenges.
"Parliament must support the government in taking urgent action to drive new investment and create better jobs with higher wages," Westacott says.
"This includes embracing more flexible workplaces, lowering business taxes, getting the budget under control, bringing energy costs down and fixing the planning system to spur investment through major projects.
"At an absolute minimum, the Senate must pass the government's company tax plan in full. This will send a strong signal to investors that Parliament is serious about Australia's international competitiveness.
"The United States is proposing to cut its company tax rate to 15 per cent. We cannot expect that investors will continue choosing Australia when our company tax rate is twice as high.
"Economic growth underpins everyone's living standards and the government's ability to fund essential services, investments and a strong social safety net. We can no longer afford to be complacent about this.
"Falling business investment was the biggest detractor from growth over the year, underscoring the compelling need for reforms to make Australia more competitive. Business investment is falling at rates not seen since the 1990s recession.
"The government has a sensible plan to grow the economy and Parliament needs to support it."
Author: Business Council of Australia