Treasurer Jim Chalmers’ Economic Reform Roundtable next month is a chance “to turn the ship around and start to get things heading in the right direction”, Australian Industry Group Chief Executive Innes Willox told Sky News' Business Now this week.
“It’s sort of like a legacy moment, a watershed moment — not only for the Government but also for the country,” Mr Willox said.
“It’s an opportunity for the Government to get . . . clear understandings around the big challenges that we face around productivity and investment and all the things that go into that."
Mr Willox said the economy was “growing at a snail's pace”.
“It's barely got a pulse,” he added.
“We need to fix some of the fundamental settings to get the private sector moving again.
“Over the past 18 months, 80% of jobs created have been government jobs or government-funded jobs.
“Traditionally, it's the other way around, with 80% of jobs created by the private sector.
“So, you've seen the private sector shedding jobs very quickly and that's why unemployment has gone up to 4.3% quite suddenly.
“The model of government stoking the fires is not productive and is not going to get us there."
Mr Willox said "businesses don't march on the street; they just quietly slide away and stop investing".
“How do we encourage business to invest again in Australia, and how do we give households the confidence to invest themselves?" he said.
"That's what's lacking at the moment.
“We need to focus on tax, deregulation, energy, planning approvals and skills and training.
“Over the longer term, this will turn us into a more productive, outward-looking and confident economy.”
Mr Willox is attending the Roundtable during August 19-21 to represent the views of Australian industry along with representatives from unions, business, the community sector and economic institutions.
Transcript: Innes Willox discusses Treasurer's economic reform roundtable, Sky News – The Business
Wendy Larter is Communications Manager at Australian Industry Group.
A former journalist for newspapers and magazines including The Courier-Mail in Brisbane and Metro, the News of the World, The Times and Elle in the UK, she is passionate about giving businesses a voice.
