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Federal Budget a major challenge for Government: Ridout

23-03-2010
by 
in 

The Federal Government will have to be very good at “multi-tasking” to deliver a Federal Budget that will strengthen economic recovery, said Ai Group Chief Executive Heather Ridout.

"The challenge for the Federal Budget this year is that it needs to strengthen the recovery in the near-term, ensure a return to a strong fiscal position over the next few years while also raising the priority given to investment in the drivers of longer-term economic performance," Mrs Ridout said.

Releasing Ai Group's submission to the Federal Budget she added: "We are also calling for measures that will maintain the momentum for businesses to help them continue to reduce their carbon footprint and improve energy efficiency.

"It is now clear that an encouraging recovery is underway across the economy.  Ai Group's submission is informed by our CEO survey, Industry in Recovery Mode in 2010, prepared in partnership with Deloitte.  This report shows improving conditions in the manufacturing and services sectors with the construction sector as a whole contributing somewhat less to the positive near-term outlook.  

“However, businesses remain cautious.  While the recovery is solid it remains patchy and reliant on fiscal stimulus. The economy is certainly not rebounding sharply.

"In framing the Budget, therefore, the Government should be cautious about calls to accelerate the planned withdrawal of fiscal stimulus.  The challenge now is to strengthen the recovery rather than run the risk of undermining it by further reducing the public stimulus to demand."

Read full submission at http://www.aigroup.com.au/policy/submissions/budget/

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