“There is no question that the government is focussed on a critical recovery path and opening up the Treasury coffers to facilitate recovery will create many growth opportunities including employment,” said IPA chief executive officer, Andrew Conway.
Mr Conway pointed out that the long-term game, however, is still “staring us in the face”.
“We are calling on the government to fill in the gaps in the timeline for longer-term structural economic reform. Otherwise, the growth initiatives stemming from the budget announcements tonight may be short lived.”
Mr Conway warned that structural deficiencies that have not been addressed pre-COVID are “still there to haunt us”, including workplace relations issues, “the need for holistic tax reform”, and “regulatory burden that continue to weigh down our economy”.
“Ultimately, Australia’s deficit will have to be addressed and while it is too early in our recovery process to talk of fiscal repair, there are other measures that can be taken to limit government fiscal outlays.
“This could be described as the ‘Game of Thrones’ budget – Winter is coming – the Government is backing itself to ensure we survive the Winter, but we also need to ensure that we transform the economy and be ready to thrive,” said Mr Conway.
