The BGA Australia team, led by Managing Director Michael “Mick” McNeill, wrote an update to clients on the Business Council of Australia’s (BCA) new strategic document pushing for economic reform.

Context

  • The BCA highlighted taxes, workplace relations and education and training as areas that need desperate attention.
  • The BCA seeks to underscore the economic benefits from Australia’s deepening strategic ties, especially with India and Southeast Asia, and the rapidly growing Asian middle class. The document calls for “contemporary industry policy” to develop sectors in which Australia has a comparative advantage and stresses the need to build capabilities to tap into the world’s supply chains.

Significance

  • The BCA warned that Australia is on track to slip from the world’s 13th-largest economy to the 21st by 2050 if its economy is not reformed. The document nevertheless recognizes Australia’s advantages in natural resources, its skilled and educated population, stable institutions and proximity to emerging Asian markets.
  • The BCA noted that the international trading system is being reshaped by decarbonization, digitalization, strategic competition and supply chain threats. While acknowledging the risks posed to some of Australia’s trade, the BCA believes they open promising opportunities with security partners such as the United States and less-established economic partners, particularly India and Southeast Asian countries.

Implications

  • Companies should note the BCA’s focus on areas of emerging strength, such as critical minerals, quantum, the Australia-United Kingdom-United States (AUKUS) security pact and space.
  • The BCA believes the transfer of high-end technologies between AUKUS partners in areas such as quantum, cyber and cloud presents big opportunities to develop new industries in emerging sectors.

We will continue to keep you updated on developments in Australia as they occur. If you have any questions or comments, please contact BGA Australia Managing Director Michael “Mick” McNeill at mmcneill@bowergroupasia.com.

Best regards,

BGA Australia Team

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Managing Director

Mick is a highly-experienced government relations expert and trusted advisor on consensus building, conflict resolution and legislative developments. He has played an integral role in helping parties achieve desired outcomes in areas of national security, health policy, foreign policy and reputational crisis management, as well as media relations, communications campaigns, immigration and human rights. Mick has two decades’ experience working with government as a media analyst, political adviser and NGO advocacy manager. After a stint serving as an adviser to an Australian senator, Mick took on the role of the locally engaged senior political specialist at the U.S. Embassy in ... Read More