The council warns that Australia can’t just rely on continued good luck to create economic success in a new global era of decarbonisation, protectionism and extreme national competition. That requires hard, smart choices for what we do best.
Australia’s economic success as a medium-sized, open, trading nation is being challenged as an era based on leveraging globalisation and free trade goes into retreat.Inflation Reduction Act and CHIPS and Science Act
That makes developing sophisticated, targeted policy responses, even more urgent – as recommended by a new Business Council of Australia report calledAs well as the BCA’s usual – if permanently frustrated – emphasis on getting fundamentals like tax, industrial relations, infrastructure and skills right in order to boost productivity, the report emphasises opportunities and risks in enthusiasm for an Australian version of a modern industry policy.
“Being part of these supply chains will be defined by the skills and capabilities needed for the use of new and emerging technologies. This will open opportunities for Australia to access new markets and sources of value creation.” That means the government’s $15 billion national reconstruction fund, for example, should concentrate on a smaller number of areas and precincts focused on priority industries or fitting into global supply chains.
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