Futureproofing Australia: 2017-18 Pre-Budget Submission

A decade after the onset of the Global Financial Crisis, Australia’s public finances remain in heavy deficit. Our productivity growth is lagging historical performance, workforce participation remains stagnant and private sector investment is weak. Domestic and international risks are undermining business and consumer confidence. Combined, these factors have put at risk the high living standards that Australians expect. The 2017-18 Budget provides an opportunity to take action. The Budget should aim to encourage competition, stimulate economic growth and provide certainty. Australia needs to take decisive action to prepare our economy for negative external conditions, including a slowdown in global growth, a retreat from trade or a downturn in commodity prices. We must futureproof Australia for what lies ahead.