TEN POINT PLAN FOR A STRONG AND DIVERSIFIED ECONOMY

The Australian Industry Group (Ai Group) has released a Ten Point Plan setting out the key policy steps that are required to lift our economic growth and resilience. In publicly releasing the Plan, which has been presented to government, Australian Industry Group Chief Executive, Innes Willox, said: “Successful management of the situation facing our economy requires action across a number of fronts including repositioning the manufacturing sector for growth. This Ten Point Plan focuses on the key steps needed at a state and federal level to create the strong and diversified economy we need for the future.”

Rebalancing is needed both to replace the waning mining investment boom with new drivers of growth and to ensure the economy is positioned to manage our heightened exposures to commodity prices, global capital markets and increased concentration of our export markets. In short, the Plan identifies the barriers to growth as high costs and low productivity across all industries. To overcome these barriers we need to get back to the basics. In summary, Ai Group believes the health of manufacturing – and that of the wider Australian economy – requires a number of key policy issues to be addressed. These range across 10 national economic policy priority areas:
1) Consolidation of Government Budgets
2) Investing in Infrastructure
3) Removing Key Workplace Relations Roadblocks
4) Boosting Workforce Skills
5) Building Innovation and Business Capabilities
6) Lifting Manufacturing Performance
7) Successful Transition for Automotive Manufacturing
8) Reducing Regulatory Burdens
9) Reforming Energy Markets
10) Reducing Emissions and Meeting the Renewable Energy Target at Least Cost