SYDNEY: The release today of latest economic data confirming that Australia
is now officially in a COVID-19 induced economic recession should serve as
an important catalyst to roll-out a comprehensive growth plan to turn
things around in the coming months and years, according to the Australian
Investment Council.
“As we rebound out of the COVID-19 downturn, we must ensure that the
economic recovery is underwritten by big gains in innovation and technology
to drive increased productivity. To make that happen, we have to boost our
global competitive standing and attract new domestic and offshore
investment capital to our market,” said Yasser El-Ansary, Chief Executive
of the Australian Investment Council.
“The Federal Government must continue to work with all States and
Territories through the National Cabinet to support the business sector in
regaining the economic momentum that has been lost through the impact of
the global pandemic. Now is the right time for all jurisdictions to work
together to rebuild Australia’s strong economic foundations.
“There is hard work that needs to be done in areas such as taxation reform,
market deregulation and red tape, industrial relations, as well as
innovation and technology, and infrastructure investment.
“Our members tell us every day that their businesses stand ready to do the
heavy lifting on creating new economic activity and new jobs, but key
policy frameworks across the economy must be strengthened in order to
unlock the unique ‘first-mover’ opportunity that Australia has in its grips
right now.
“COVID-19 lockdowns have demonstrated the importance of investment in
technology that enables Australian businesses to innovate and lift their
productivity through digital go-to-market channels across every sector of
the market. We have to double-down our investment in technology now, and
recognise that technology will play a critically important role in our
economic recovery over the months and years ahead,” said Mr El-Ansary.
He added that a stronger technology capability would represent a
significant new building block in designing a future-proof Australia that
generates sustainable economic and incomes growth for all, and positions
our market with a competitive edge against other developed economies around
the world.
In June 2020 the Australian Investment Council released a comprehensive
plan outlining the views of private capital investment leaders about the
priority policy reforms necessary to guide the economy back to growth.
Roadmap to Recovery – Creating a Stronger and More Dynamic Economy
sets out priorities which span a mixture of short-term and longer-term
reforms that will underwrite the next wave of economic growth.
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For an interview with Yasser El-Ansary please contact:
Robyn Tolhurst
Public Affairs Manager
[email protected]
M: 0436 388 919
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.
www.aic.co
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