The success of the recent 2020 Summit in Canberra will depend on whether state and federal governments, in partnership with business, can convert ideas for Australia’s future into sound policy that sets out a road map for the nation’s economic and social development.
Practical and effective reform is only possible if the Commonwealth works in collaboration with the State Government and business groups including CCI. These are national challenges which require action at the state and federal level.
The state’s peak business organisation, the Chamber of Commerce and Industry of Western Australia, put forward a number of proposals to the 2020 Summit centred on both raising awareness of Western Australia’s importance to the nation’s overall economic prosperity and addressing the challenges facing West Australian business.
WA business and industry was represented at the two day summit by CCI’s executive director of policy, Deidre Willmott, who along with industry champions from WA and other states discussed the need for a concerted national effort to foster economic growth and encourage responsible free enterprise.
CCI was instrumental in shaping many of the summit’s recommendations including;
- the development of policies to address labour shortages;
- a comprehensive review of the national taxation system;
- wide ranging reform of business regulations;
- overcoming underinvestment in infrastructure – with a greater focus on growth areas, and;
- a review of Australia’s system of federation.
WA remains the economic powerhouse of the nation – creating employment, opportunities, wealth and investment for all Australians. It is in the national interest to ensure there are sound economic policies, adequate funding for important road, rail and other transport links, and the removal of unnecessary regulation on local business.
CCI used the findings of its recent Building Human Capital report to illustrate the need for national action to increase the size of the labour force. The comprehensive study found WA will need an additional 400,000 workers over the next decade in order to sustain the recent rates of economic growth. On current trends, we will have a shortfall of 150,000 workers unless WA can increase its population, skills training and workforce participation.
It is a serious problem that is here and now, and one which requires the development of a national human capital policy.
The 2020 Summit deliberations on economic reform are another important step towards an environment that encourages sustainable economic growth. CCI calls on state and federal governments to work with the business community to develop an action plan to deliver reform outcomes in the current term of the federal government.