Update: Click here for the BCA Statement on the 2015-16 Federal Budget 12 May 2015

The submission calls for a fundamental reset of the fiscal strategy and budget process to solve the structural fiscal problem that will inevitably worsen without policy action.

Australia has a choice between taking action early and adjusting gradually by design, or doing nothing and having blunt, costly and more than likely inequitable spending cuts and tax increases imposed.

It is time to take the blame game out of this debate. The pressure on the budget has been a decade in the making and will take a decade to fix.

The BCA is calling for both major parties to agree on the need to:

• Preserve Australia's AAA credit rating to consolidate the government’s financial credibility and reputation, retaining financial capacity and investor confidence.

• Progressively return the budget to surplus to build resilience and flexibility for dealing with economic shocks and volatility, and for underpinning business confidence and investment.

• Ensure the sustainability of priority services, including an adequate safety net, which are integral to community living standards and the functioning of our society.

• Ensure capacity for investments in infrastructure and human capital, vital for innovation and productivity.