The Business Council is urging all sides of politics to prioritise policies that will help solve the long-term challenges facing Australia.
Following confirmation the Federal Election will be held on May 3, Business Council Chief Executive Bran Black called on the major parties to articulate clear policies with a long-term focus for making Australia a more competitive economy and attractive place to do business, which will ultimately help lift productivity, increase wages and improve Australian living standards.
"Australia is facing major challenges to our quality of life and so we need this election to be about bold policy solutions that make us a more dynamic and competitive economy, so we can attract the investment we need to secure our long-term prosperity" Mr Black said.
"As a priority, both parties must put forward a long-term economic plan for Australia to deal with the challenges facing the economy.
"At this election, we need to see clear and very practical policies that unlock housing supply, reduce the heavy burden of regulation and fix ailing productivity growth - all with a view to improving our standard of living and boosting real wages.
"I'm consistently told that Australia's regulatory settings are uncompetitive and are causing us to lose out on the critical investment needed to drive future prosperity - addressing this problem has to be a national priority."
The Business Council considers that the five big questions that need to be addressed with policy solutions in the 2025 Federal Election are:
- How do we provide long-term solutions to the cost-of-living crisis for Australians?
- How do we tackle the housing crisis?
- How do we achieve net zero by 2050 with affordable and reliable energy?
- How do we develop a skilled workforce for the future?
- How do we deliver the health and care services Australians need?
The Business Council's Big 5 Questions Policy Document puts forward policy solutions in relation to each question.
Mr Black also noted that parties need to commit to sustainable government spending given the potential inflationary impact more public spending could have on the economy.
"What will be critical is that both parties commit to sustainable spending that drives productivity and does not put pressure on inflation," Mr Black said.
"We need to see fiscal discipline during the campaign because additional spending poses a risk to the sustainability of the budget to fund essential services in the long-term."
