While Albanese and Dutton have promised to reduce red tape in government, the industry chiefs said this had not done enough to make it easier for companies to invest.
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The RBA said in February that the outlook for business investment appeared to be improving, but economists have warned that Trump’s tariff decisions will hurt confidence, increase uncertainty and deter investment.
“When businesses are uncertain, they put the shutters up – and they put off decisions to invest or employ,” independent economist Saul Eslake said.
“I can’t remember an episode like this, when the impact has been the result of deliberate policy decisions. And that’s what so scary about it.”
Farmers’ federation chief executive Troy Williams said farmers wanted less “green” tape on environmental rules, while ACCI chief executive Andrew McKellar said the next government should put a priority on “stalled” productivity numbers and get rid of regulations that curbed growth.
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The 20 groups did not put forward an agreed policy, given their different interests, and instead argued that it was up to government to propose ways to toughen the economy against tariff shocks.
“Global uncertainty driven by US tariffs and other world events only intensifies the need to make our economy more resilient and competitive,” BCA chief executive Bran Black said.
“We need both parties to deliver a long-term economic plan to turbocharge growth to generate prosperity for all Australians.”
Both major parties have ruled out major tax changes such as a cut in the company tax cut, but the BCA has argued for an “investment allowance” that would give companies a tax incentive to increase investment.
The business group said a 20 per cent investment allowance would add $17 billion to gross domestic product in a decade while helping companies increase wages.
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