Business leaders today called for an action plan for the economy focused on productivity improvements, saying Australia’s strength and resilience as an economy were likely to erode if major reforms were not started quickly.

The Business Council of Australia’s federal Budget Submission released today urges the federal government to commit to a program of action to reform Australia’s workplace relations, tax, infrastructure and regulation making systems.

The submission also calls on the government to avoid commitments in the 2005–06 Budget that might inhibit these reforms being quickly progressed.

The submission says Australia’s living standards and average wealth have risen significantly due to an unprecedented level of economic growth over the past 10 years which has seen the economy grow by more than 40 per cent.

However, the submission says economic reforms over the past two decades that had lifted Australia’s productivity and performance need to be reinvigorated.

Click here for the new release.

A copy of the submission can be downloaded here.