Australian Industry Group outlines key election concerns

AS Kevin Rudd warns voters about big business supporting Tony Abbott's campaign, the Australian Industry Group (AIG) has released their pre-election statement.

The statement outlines the key election concerns of major industry.

"The Australian Industry Group welcomes today's announcement of the date for the next Federal Election. Business will be looking to the major parties to offer policies and strategies focused on creating a vibrant and sustainable economy for the decades to come," Australian Industry Group Chief Executive Innes Willox said today.

"Australia faces important long-term challenges in adjusting to the inexorable demographic forces; further globalisation and the continuing emergence of new centres of production. 

"We also have considerable opportunities - particularly those arising from the further industrialisation and urbanisation in the countries to our north and north-west and the changing patterns of demand from the rapid growth of their middle classes.

"To make the most of these opportunities and to overcome these challenges Australia needs to build on our considerable strengths and to address our weaknesses and vulnerabilities. 

"We need in particular to ensure we have a flexible, resilient and diversified economy that is able to adjust rapidly and smoothly to the higher exposures we now have to fluctuating commodity prices and the growing pains of the emerging economies.

The AIG report says the major parties will be judged by voters in a number of key areas:

  • How they plan to manage the wind-down of the mining investment boom and the reversal of the windfall boost to mineral export prices that have so dominated our economy over the past decade.
  • Their approach to locking in the recent tick-up in labour productivity and build further improvements - first to overcome the legacy of the "lost decade" of low productivity growth and then to add to our areas of competitive advantage.
  • Their policy commitment to rebuilding businesses and creating new businesses in areas that have been squeezed in recent years by the very high currency; the rapid rise in energy costs and the growing real unit labour cost differential between us and the rest of the developed
  • How disciplined they are prepared to be in managing public sector finances to ensure we invest appropriately in productivity-enhancing infrastructure; keep tax burdens to a minimum; restore the federal budget to a more sustainable footing; and make sure that Australia's public sector debt does not exceed prudent levels.

To read the full statement click here to download the full document.

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