Australian business groups have called on the Australian Government to boost productivity to improve living standards and wages.
Their call came as Treasurer Jim Chalmers confirmed the economic focus would shift from inflation to productivity over the next three years.
Congratulating Anthony Albanese on Labor’s election win, peak industry groups vowed to work with the Government to confront the major challenges it faced at a time of global instability and uncertainty.
The Australian Industry Group (AIG) said the challenges would be immense as the Government dealt with the current national economic and security issues, which had become increasingly complex.
"This is the toughest time in a generation to be a business,” AIG Chief Executive Innes Willox said in a media release.
“Boosting our productivity, which will ensure future Australians have better living standards and higher wages, must be a national priority.”
The Business Council of Australia said business was ready to work with the Government at a time when Australia faced many challenges including tariffs and changing demographics.
“This Parliament must prioritise a productivity agenda that unlocks investment and growth in the private sector, which is ultimately the only way to sustainably boost living standards and lift real wages," Chief Executive Bran Black said in a media release.
The Australian Retailers Association (ARA) said Australians needed strong economic leadership to support the retail through a challenging climate including the cost-of-living crisis and rising costs.
“Retailers are particularly keen for the government to take measures to lift flagging productivity and to see the cost-of-living relief measures flow through to the checkout,” ARA CEO Chris Rodwell said in a media release.
CPA Australia CEO Chris Freeland said he looked forward to the Government delivering a clear and optimistic vision for how it planned to improve business productivity, inspire innovation and promote growth through reduced regulatory pressure.
Australian Council of Trade Unions Secretary Sally McManus said the peak union organisation looked forward to working with the Albanese Government to ensure real wages and living standards kept growing.
“Australian workers have lived through some tough years due to global inflation and now we need to continue the job of rebuilding,” McManus said in a media release.
