Coalition unveils plans to boost productivity and investment

The opposition has unveiled further reforms for improving Australia’s economic outlook and supporting the business sector which includes creating a new office, Investment Australia.

In a recent speech, shadow treasurer Angus Taylor said Investment Australia would be led by a chair and deputy chair with strong private sector and public administration experience.

“Its legislated powers will include call in powers to hold regulators and agencies accountable for bureaucratic delays on significant projects for our nation, implementing statutory deadlines for approvals and pathways for escalation to Cabinet,” Taylor said.

“This will drive Australian jobs, increase investment into Australia, and restore our economic potential.”

A central mandate for Investment Australia will be a focus on making it cheaper to build, finance and power the country, he explained.

If elected, the Coalition would appoint the Investment Australia chair and establish three investment taskforces to reduce regulatory costs in key enabling sectors, including financial services, construction, and resources and energy.

“These taskforces will focus on unlocking productivity and driving growth in these sectors,” he said.

“This is not an inquiry but rolling and structural red tape reduction to reduce costs to consumers and bring down the cost of doing business and the cost of living.”

Taylor said Investment Australia would streamline overlapping and confusing public service agencies, while driving a pro-business, pro-investment mindset throughout the public service.

“The strong, productive, low inflation economy that comes from more investment will fix the cost-of-living crisis, restore our economic potential, enable essential services and strengthen the budget to keep all Australians safe in an uncertain world.”

Coalition to roll out comprehensive small business package

Taylor also said the party has finalised a comprehensive small business policy package that will be unveiled over the coming weeks.

This would be in addition to the previous measures announced, which included making the instant asset write-off permanent and introducing a new meal deduction to reduce FBT compliance costs for businesses.

“We want more Australians to take the leap to be their own boss, to grow their businesses, and employ Australians,” he said.

The shadow treasurer said a dynamic small business sector and thriving entrepreneurial ecosystem would be the bedrock of the Coalition’s economic strategy.

“Backing our small businesses is essential to delivering a low inflation, strong economy. Because when small businesses grow, Australia grows,” he said.