Business Council wants a plan to get budget back in black in a decade

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The council’s chief executive Jennifer Westacott said decisions the government makes now will have “huge implications” for future wellbeing and job security. auspol

A peak business group says Treasurer Jim Chalmers must make a start on a 10-year plan to return the budget to surplus and bring in rules to manage future spending to help lock in gains made in the pandemic recovery.

“Restoring our budget position isn’t just about numbers on a spreadsheet, it’s a path to protecting Australians from the next global crisis and sustaining the services Australians want,” she said.Loading Deloitte’s latest business outlook forecasts dwelling investment will go backwards by more than 6 per cent this financial year and business investment fall to 2.8 per cent.

Deloitte expects inflation to peak at 7.3 per cent in December, lower than the 7.75 per cent forecast by the Reserve Bank, before falling to 4.4 per cent over the next financial year.The Business Council said the government should not do much more than has already been flagged to assist on the cost-of-living pressures, should not bring forward the childcare subsidy and should not introduce a so-called super profits tax on miners.

 

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Because the decisions made over the past 10 years have been disastrous.

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