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Tax reform, fiscal responsibility and regulatory reform are the key economic issues that must be addressed by the major political parties, according to a new pre-election survey of Australian Food and Grocery Council (AFGC) members released today.
The survey found that leading food and grocery businesses – representing Australia’s largest manufacturing sector worth $100 billion – want an elected Government to focus on the development of a more balanced economy with a robust capacity to adjust to longer term structural challenges.
About a third of respondents said taxation reform was their first economic priority for a re-elected Government, according to the survey conducted in conjunction with the Australian Chamber of Commerce and Industry (ACCI).
AFGC Chief Executive Kate Carnell said having a simpler tax system was an important issue for industry, which employs more than 315,000 Australians including more than half in regional and rural areas.
“The Coalition has already called for lower, simpler and fairer taxes and plans to review Treasury secretary’s Ken Henry’s modelling of tax reform options – industry would support this move,” Ms Carnell said.
“Industry also supports the notion that having a lighter tax burden on business and individuals can drive economic growth and jobs.”
Economic management was another major concern raised by food and grocery businesses. The pre-election survey found almost 70 per cent of respondents were concerned about high levels of government spending while about 50 per cent were worried about the current level of interest rates.
“Industry believes that a re-elected Government must return the Budget to surplus as quickly as possible over the economic cycle to remove pressure on borrowings and interest rates,” Ms Carnell said.
Other issues raised by AFGC members said a re-elected Government must focus on included:
- Regulatory reform - a well designed regulation and effective functioning of the federation supports the seamless operation of a national economy and business efficiency.
- A skilled workforce – having improved capacity for business to attract and develop appropriate employees and maintain the current level of skilled migration to contribute to ongoing economic growth.
To read AFGC’s election policy statement, visit www.afgc.org.au/election-2010.html
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