PROGRESS 2050: Toward a prosperous future for all Australians
Improving Australia’s productivity and boosting business confidence would be the key objective of a Coalition Federal Government, Shadow Treasurer the Hon Joe Hockey told a CEDA business forum in Adelaide.
31/07/2012
Improving Australia's productivity and boosting business confidence would be the key objective of a Coalition Federal Government, Shadow Treasurer the Hon Joe Hockey told a CEDA business forum in Adelaide.
Last week's decision by BHP Billiton to indefinitely postpone its $30 billion investment in South Australia's Olympic Dam mine indicated the rising level of risk in doing business in Australia, Mr Hockey said.
Uncertainty about taxes, the introduction of 26 new taxes since 2007 and a rising number of industrial disputes - particularly in mining and construction - had increased business costs and sovereign risk attached to investment in Australia, he said.
"The costs of doing business in Australia at the moment are high and the revenue from commodities is down. It's a pretty simple equation (for BHP Billiton)," he said.
Mr Hockey said that a Coalition government would focus on:
Mr Hockey said declining business confidence was evident in the latest CEO Forum survey which found 60 per cent of global companies operating in Australia said policy uncertainty had grown in the past 12-18 months.
Forty-one per cent of these companies said their parent company based overseas was now less likely to invest in Australia than they were 12-18 months ago, while 20 per cent said they were more likely to invest, he said.
Mr Hockey also said boosting productivity would be a key focus of a Coalition Government and was critical to maintaining Australia's prosperity after the mining boom.
"The danger is that our economy will falter now that the resources boom…is ending unless Australia's previously strong productivity growth can be restored," Mr Hockey said.
He said the Coalition had a six point productivity plan to:
Reflecting on day one of State of the Nation, CEDA CEO Melinda Cilento was joined by AlphaBeta Director, Dr Andrew Charlton; CEDA Board Member, Dr Gordon de Brouwer PSM; and RBC Capital Markets Chief Economist and Senior Relationship Manager, Su-Lin Ong.
Read more Economy March 2, 2020Western Australia is facing challenging global conditions, Parliamentary Secretary to the Premier, Amber-Jade Sanderson MLA, has told an audience in Perth at CEDA’s annual Economic and Political Overview (EPO).
Read more Economy February 16, 2011The Economic and Political Overview (EPO) previews the Australian economy and politics - at state and federal levels - for the year ahead. This dovetails with the EPO research report publication providing senior executives with insights and information on the operating environment for the next 12 months.
Read more