Yasser El-Ansary
Australia’s $33 billion private capital industry ranks tax reform as the number one priority to reignite Australia’s economy in the months and years ahead, according to a new report released by the Australian Investment Council.
The Council conducted a comprehensive member survey in May 2020 to acquire insights into the impact of the COVID-19 pandemic on private capital investments across the economy, and to identify the key policy priorities considered essential to Australia’s economic recovery and the outlook for growth.
The outcomes of the member insights survey form the basis for the Council’s policy statement – Roadmap to Recovery: Creating a Stronger and More Dynamic Economy. The report identifies seven key reform policy priorities spanning taxation, industrial relations, market deregulation, international competitiveness and innovation, technology and skills, and superannuation.
“Australia’s taxation system has been the subject of numerous reviews over the past decade with many of the most significant recommendations set out in the reviews remaining relevant today,” said Yasser El-Ansary, Chief Executive of the Australian Investment Council.
“A more competitive taxation system that rebalances the mix between direct and indirect taxes, and which is less reliant on corporate and personal tax revenue is essential for our nation’s future prosperity,” he said.
International competitiveness was also high on the list of priority reforms for the Council’s members.
Mr El-Ansary also said: “Australia has an opportunity to emerge from the COVID-19 pandemic as a more competitive nation in the global marketplace.
“One of the key drivers of our success will be to focus on industries where we already are, or could be, world leaders and going narrow and deep in developing them further. These industries should be underpinned by enabling technology to help propel the productivity gains and lift in competitiveness we need to see.”
“As part of the ‘first-mover’ group of nations emerging from the crisis, there is a unique opportunity to reshape Australia’s economy for the future by implementing a visionary plan which serves as the foundation for the next phase of prosperity and growth for our nation.
“Private capital can play a central role as an important investment and efficiency driver for Australian industries and businesses and in lifting business productivity, competitiveness and growth as part of the national effort to re-start activity across our economy,” Mr El-Ansary said.
Please find attached our Roadmap to Recovery: Creating a stronger and more dynamic economy policy statement which is the outcome of a comprehensive member survey conducted by the Australian Investment Council in recent weeks to gain insights into the impact of the COVID-19 pandemic on the private capital industry and the policy priorities essential to Australia’s economic recovery and future growth.
This latest report from the Council brings together the collective insights of our members from the survey, coupled with our extensive body of research and advocacy work compiled from the industry over many years. The policy statement identifies seven key reform priorities that the industry believes will create the most significant opportunities for the growth of businesses and employment over the short, medium and longer-term.