Published on Monday, the"Seizing the Moment" report urges federal and state governments to implement a raft of measures including raising the GST rate, cutting red tape in the energy transition, overhauling the tax system, and fixing education.
At the heart of the reforms is a dire need to address Australia's flagging productivity growth, currently at its lowest level in 60 years. Australia's education system is"fragmented" and losing competitiveness according to the BCA, with funding too heavily weighted toward universities and a school system letting too many students fall through the cracks.
The group says this could help remove"funding distortions" and enable greater clarity for students as they progress through the system. BCA Chief Executive Jennifer Westacott said it was imperative Australia addressed"record low levels of business investment as a share of GDP," as the present conditions saw more money leaving the country than was coming in. Picture: Arsineh Houspian.