10 Feb 2014
Business says don't throw the baby out with the bath water!
With the Australian economy just taking baby steps towards sustained growth, they shouldn't take the walker away.
A leading business group has warned the Abbott government that deep spending cuts in the May budget will hurt the already weak economy.
Joe Hockey, has been preparing the public and the business community for an austere first budget, is now declaring it is now the “age of responsibility” for both households and industry, no mention of 'austerity' anymore.
The Australian Industry Group has told Hockey not to try and return the budget to surplus too fast, it should take the rest of the decade.
It says the government should increase the commonwealth’s spending on training, quarantine key industry and research programs from cuts and protect funding to the Australian Renewable Energy Agency. To help jobs shift to new industries as the investment phase of the mining boom slows.
Australia’s fiscal position is still in good enough shape to allow a little breathing space before a longer-term fiscal consolidation.
The say the government should spend money to strengthen the non-mining sectors because this would leave government revenue less at the mercy of fluctuations in global commodity prices.
The government is already preparing to cut the number of industry innovation precincts, now called collaborative centres of excellence. The government is currently considering cutting funding for the future direction of the industry innovation precincts program which is crucial for future industries, this is unbelievable it's backward thinking by the government.
Is Hockey listening, no, he has already stated that he expects to adopt most of the slash and burn commission’s recommendations.
Mr Hockey should realise that the government is not the font of all knowledge, they need to be open to other ideas or they will suffer the fate of a previous government.
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