SYDNEY: The Economic and Fiscal Update outlined by the Treasurer and Minister for Finance today shows Australia has fared reasonably well as a nation against the economic headwinds from the impact of COVID-19.
“The government’s update today builds on a number of recent announcements which demonstrate employment and jobs growth will be the key driver to the recovery of our economy in the short to medium-term,” said Yasser El-Ansary, Chief Executive of the Australian Investment Council.
“While government support programs such as JobKeeper have had a positive impact on keeping Australians employed during this time, we now need to focus on a workforce that has the requisite skills to fill jobs and bridge talent gaps that are essential for our nation’s future employment and economic growth.
“This means moving beyond a pipeline of skilled apprentices and trained nurses to roles that will fill a range of skills and talent gaps that can support and develop new sectors, such as strategic manufacturing capabilities.
“In Australia’s $33 billion private capital sector, for example, currently there are jobs that can’t be filled in a multitude of areas such as C-suite leadership roles, as well as technical and specialist roles in engineering, medical research and product management,” Mr El-Ansary said.
The Australian Investment Council is engaging with government on the need for targeted talent acquisition from other jurisdictions in parallel with encouraging Australians skilled in technology and innovation, who are currently based overseas, to return home.
Mr El-Ansary also said that in addition to filling jobs and talent gaps, taxation reform and infrastructure were amongst seven key policy areas imperative to reigniting Australia’s economy identified in the Council’s recent Roadmap to Recovery: Creating a Stronger and More Dynamic Economy report.
“As a large and sparsely populated country, Australia needs strategically driven infrastructure such as accessible, quick, efficient and reliable rail and road systems, ports and transport nodes that will improve delivery times for products and materials throughout the nation.
“The inland rail system from Brisbane to Melbourne will be critical as Australia’s manufacturing capability grows to ensure effective logistics and supply chain connections that will support increased business productivity and profitability,” he said.
Mr El-Ansary also cited taxation reform as an important policy priority. “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.
“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.
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For an interview with Yasser El-Ansary please contact:
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About the Australian Investment Council
The Australian Investment Council is the voice of private capital in
Australia. Private capital investment has played a central role in the
growth and expansion of thousands of businesses, which when combined
represents a multi-billion-dollar contribution to the Australian economy.
Our members are the standard-bearers of professional investment and
include: private equity, venture capital and private credit funds,
alongside institutional investors such as superannuation and sovereign
wealth funds, as well as leading financial, legal and operational advisers.
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