The BCA says its economic overhaul would leave the Australian economy $200 billion larger and national income $7000 higher per-person higher after a decade.
Industry Minister Ed Husic, for example, will soon release a national strategy to make batteries in Australia
The proposed “precincts of significance” would be backed by industry plans aimed at removing red tape and hurdles to investment, research and development, innovation, commercialisation, scaling up and export. “Australia’s journey to net-zero will drive significant change in at least 10 per cent of our economy, but every part of the economy will be impacted,” the report said, noting one in four jobs were in a carbon-intensive industry.BCA president Tim Reed said Australia needed to nationally coordinate decarbonisation.
“Emerging nations need our coal and gas to maintain their energy security in the face of rapid population and economic growth,” the BCA said. On the current trajectory, however, without remedial action, Australia risks surrendering its advantages in energy, according to the BCA. About 64 per cent of respondents said they were either very concerned or somewhat concerned that a high company tax rate would mean local businesses are less competitive globally.
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