Saturday, May 18, 2024
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Home » Australia Must Urgently Lift Business Investment

Australia Must Urgently Lift Business Investment

by Michael Lowe
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New research from the Business Council shows that Australia’s capacity to prosper from big economic shifts like decarbonisation and digitisation is at risk of being hobbled by record low investment.

“Australia is in the grip of an investment drought,” Business Council chief executive Jennifer Westacott said.

“Business investment matters because it fuels innovation and expansion, it’s what gives businesses the capacity to do new things, pay workers more and prepare for the future.

“But right now we’re staring down the barrel at huge economic change and opportunities but we don’t have the crucial tool we’ll need to face them – booming business investment.

“In fact, since 2019 Australia has been exporting capital on a scale not seen since after World War II.

“This is a global battle. Global businesses can invest anywhere in the world, and they’re responding to the actions of our competitors.

“In the United States the Inflation Reduction Act and tax cuts in 2017 have helped suck investment away from the rest of the world.

“Today more Australian investment flows abroad to America than stays at home. The investment equation just isn’t working.

“The rest of the world is facing similar challenges, and they’re acting to attract the investment they’ll need to secure their people for the future.

“As we face the challenges of decarbonisation, of taking advantage of huge opportunities of the AUKUS deal and preparing for the future we simply can’t afford to do nothing.”

Source : BCA

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