Australia falling behind in global competitiveness

25 May 2016

Media Release

Canberra Business Chamber has added its voice to a call for federal political parties to commit to policies that increase the nation’s global competitiveness.

“For those of us lucky enough to call Australia home, most of us view it as one of the greatest countries in the world,” Canberra Business Chamber CEO, Robyn Hendry said.

“Therefore, people may be surprised to learn that over the past decade, Australia has fallen from 10th to 21st on the Global Competitiveness Index. Falling competitiveness means less investment, fewer jobs and missed opportunities.”

Today, the Australian Chamber of Commerce and Industry (ACCI) and state and territory business associations, including Canberra Business Chamber, joined together to launch Top 10 in 10: Ten steps towards a more competitive Australia.

“Many of the issues impacting on Australia’s competitiveness are those ACT businesses tell us most affect their own success,” Ms Hendry said. “These are tax and workplace regulation.”

James Pearson, ACCI CEO, said while officially releasing Top 10 in 10: Ten steps towards a more competitive Australia, “Australia’s global competitiveness must improve or we risk sacrificing the high living standards which we, our parents and our children have come to expect.”

“We are an economy in transition; a nation at the crossroads. We cannot be complacent. Other nations are embracing policies to increase the competitiveness of their economies and their people are reaping the rewards.”

Canberra Business Chamber will be presenting each local Federal candidate with a copy of this document.

“We need the incoming Commonwealth Government to empower Australia by introducing sensible reform that makes us competitive in the global marketplace,” Ms Hendry said.

“The business sector believes the most urgent reforms include: encouraging more young people to undertake apprenticeships; building the infrastructure we need that will deliver the highest community benefit; giving managers and workers the flexibility to reach workplace arrangements that suit their needs; containing government spending as a share of the economy; and supporting investment through reducing the company tax rate.”

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Media Contact: Robyn Hendry, CEO Canberra Business Chamber 0418 462 151