The Business Council supports the Opposition's announcement of a new statutory body called Investment Australia, targeted at streamlining complicated and sluggish approval processes.
Business Council Chief Executive Bran Black said the BCA's Big Five election platform called for an improvement in Australia's investment fundamentals and a focus on reducing regulatory complexity to become a more attractive destination for capital, to drive productivity and raise living standards.
"More investment in Australia - both domestically and internationally sourced - is critical to boosting economic growth and lifting productivity, and this announcement today is welcome," Mr Black said.
"This new body should include a prominent and centralised position within government, an open and flexible approach to investment facilitation, tools and powers to facilitate and compete for investment, and an economy-wide scope."
The BCA previously called for a new statutory body to bring existing functions around foreign investment attraction, facilitation and regulation under a single roof.
Mr Black said new business investment in Australia remains at near 30-year lows as a share of GDP, despite recent improvements.
"Australia has tremendous endowments, including our natural resources, skilled and educated population, stable and respected institutions, and proximity to emerging markets - and that's a useful foundation for seeking new economic opportunities.
"While business investment has had a small uptick, there's much more to do to set Australia up for the future and this needs to include simpler regulations and processes that boost our attractiveness as an investment destination."
