Australia must not squander its \u201cmany great competitive advantages\u201d, a business leader has warned as the nation looks beyond the three-day economic roundtable.<\/p>\n
Australian Chamber of Commerce and Industry\u2019s Chief Executive Andrew McKellar, who attended the roundtable, stressed business conditions in Australia were hurting attempts to bolster growth.<\/p>\n
Treasurer Jim Chalmers has already called for a reduction in red tape and complexity in the National Construction Code, and wrote to major regulators asking for ways to slash excessive regulation.<\/p>\n
Mr McKellar said changes that enable large investment could allow the nation to best utilise its natural resources.<\/p>\n
\u201cWe have many great competitive advantages in this country, and there are many reasons for major global businesses to invest in Australia, but we’ve got a lot of competition,\u201d he said on AM Agenda.<\/p>\n
\u201cI think the point that came out time and time again is we can’t take for granted those natural advantages.<\/p>\n
\u201cThings have gotten tougher. We have to look to our own offer to the world, and we have to make sure that it’s up to date and the best it can be.\u201d<\/p>\n
He said changes to tax and regulation were critical to this and pointed to the Environmental Protection and Biodiversity Conservation Act (EPBC), which has been blamed for holding back investment particularly in the renewable energy transition.<\/p>\n
\u201cIt’s not achieving its aim,\u201d Mr McKellar said.<\/p>\n
Accelerating the overhaul of the EPBC, which aims to scrap overlapping state and federal processes, is a task Treasurer Chalmers has asked Environment Minister Murray Watt to prioritise to boost Australia\u2019s productivity.<\/p>\n