Yasser El-Ansary

The size of the economic and social challenges that lie ahead should form the basis for a broad-ranging policy summit to develop the nation’s roadmap to recovery, the Australian Investment Council said yesterday.

“As the impact of COVID-19 on all Australian businesses and all Australian workers has been significant and unlike anything we have ever seen before, the approach that we take to navigating our way out of the COVID-19 crisis will be critically important to the speed and sustainability of our economic rebound. Ensuring that all corners of our business and social services sectors share ideas and contribute to the development of the nation’s economic recovery plan is vitally important,” said Yasser El-Ansary, Chief Executive of the Australian Investment Council.

“The government’s strategy of taking a measured approach to getting things back to normal so that all Australians can resume work in COVID-safe environments in the period ahead is absolutely the right way forward.

“All sectors of the economy have been impacted by unique domestic and global factors that will make the recovery phase out of this pandemic highly complex – a one size fits all approach to re-building our economy simply won’t work.

“The Treasurer’s speech to the National Press Club this week reminded us all of the size of the task at hand in turning our economy around and re-gaining the momentum that has been lost as a result of widespread shutdowns.

“There’s no doubt that the recovery phase ahead of us will represent an enormous undertaking for all Australians. But with the united support of our national political leaders, and all corners of our business and social services sectors, we can once again secure a strong economy that retains its place as a competitive global market and an attractive destination for domestic and international investment,” Mr El-Ansary said.

The Australian Investment Council calls on the National COVID-19 Coordination Commission to accurately assess the impact of the pandemic on demand and capacity, resourcing and labour, and supply chains across all sectors of the economy over the weeks ahead. That information should then be used as a foundation for a broad-ranging economic and social policy summit that brings together thought leaders, the business and social services sectors, along with policy makers from central agencies, to jointly develop a comprehensive plan for the nation’s economic recovery over the months and years ahead.

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