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The Business Council of Australia (BCA) has called on all levels of Australian government to work together in order to tackle the worst aspects of the global recession.
In its budget submission ‘Budgeting for Revival’ the BCA has highlighted the importance of a coordinated response of federal, state and territory governments.
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“The federal government recently issued a joint declaration with other G-20 nations to work together to restore global growth including taking immediate steps to use fiscal measures to stimulate domestic demands to rapid effect. A similar principal should apply with our federation,” BCA president Greg Gailey said yesterday.
“At the first COAG meeting of 2009 we implore them [the different levels of government] to make it a priority to decide how their tax and spending policies can work together...Government spending can limit the damage from the global economic downturn by boosting confidence and compensating for declining private sector spending and investment.”
The BCA recommends the government combines short and longer-term stimulus measures to boost the economy now and position it well for future growth.
It said it was appropriate for the federal budget to go into deficit “in a way that maximises Australia’s future productive capacity”.
