‘Losing our way’: Business Council of Australia boss Bran Black hits out at government spending

Australia is at risk of taking “noticeable” steps backwards, with one business leader saying prominent CEOs are fearing the country is “losing” its way.

Business leaders have warned Australia is at risk of taking “noticeable” steps backwards, with chief executives issuing fears Australia’s “national prosperity” is at risk due to Labor’s industrial relations policies and failure to prepare for an ageing population.

Business Council of Australia (BCA) chief executive Bran Black will take aim at the government in his speech at the peak body’s annual dinner on Tuesday night that will be attended by Prime Minister Anthony Albanese and Treasurer Jim Chalmers.

Sharing concerns of chief executives, he will say many believe Australia is “losing our way” and “no longer feeling confident in our growing national prosperity”.

Mr Black, who was the chief of staff to former NSW Liberal premier Dominic Perrottet before helming the powerful lobby group, will call for an end to “multi-employer bargaining” and a return to individual workplace agreements that “reflect the fact that every business is unique”.

Business leader fear Australia’s ‘national prosperity’ is at risk due to the government’s failure to prepare for an ageing population. Picture: NewsWire / Jeremy Piper

Business Council of Australia chief executive Bran Black said many business leaders had concerns that Australia was losing its competitive edge. Picture: NewsWire/ Martin Ollman

In what was likely a clear shot at Mr Albanese, he implored politicians to take note of the concerns, stating it’s “not un-Australian to call that out”.

“This shouldn’t be dismissed as talking Australia down,” he will say.

Mr Black’s comments point towards a speech Mr Albanese made to mining leaders last week, in which he chastised critics of Australia’s net-zero transition, stating that “if we listen to those who spend all their time talking Australia down and saying our companies can’t compete … Then the world will go right past us”.

Mr Black says he is worried Australia will be throttled with a ‘rising public debt’ in the future. Picture: NewsWire / David Crosling

Mr Black will also cite statistics from the 2023 Intergenerational report and will say not enough has been done to safeguard Australia’s industry as the current working population retires.

The number of working Australians per retiree is predicted to drop from 3.8 to 2.6 over the next 40 years.

As a result, Mr Black says Australia will be throttled with an “ever-widening budget deficit and rising public debt,” placing a “heavier fiscal burden on future generations”.

However, the current response is failing, he will say.

“But nothing — and I am being brutally honest here — nothing we have seen seriously proposed by any side of politics in recent times would significantly alter that projection”.

Prime Minister Anthony Albanese will hear the comments directly. Picture: NewsWire/ Martin Ollman

Treasurer Jim Chalmers will also be in attendance. Picture: NewsWire / Martin Ollman

Mr Black will also say the business community is under political fire, referencing the Green’s 40 per cent Robin Hood Tax to hit coal and mining giants and companies which report more than $100m in profits, and calls for supermarket divestiture powers which have been supported by the Coalition.

“All of this reduces our competitiveness as a nation,” adding that major employers were now “actively choosing” to invest overseas.

“The simple fact is that most of the things we have going for us now are the same things we had going for us twenty years ago.

“But the world is changing, and moving on, and we’ve got to do more.”

His comment come as Australia’s GDP reported a measly 0.2 per cent growth in the June quarter, and 1 per cent year-on-year, with per capita growth marking its sixth consecutive quarterly fall.

Ahead of the upcoming federal election, Mr Black will call on the government to focus on five key area of concern, listing the cost-of-living crunch, the housing crisis, net zero, the growing cost of aged care, and Australia’s skilled work force shortage.

When asked about Mr Black’s comments on Tuesday, Mr Albanese noted the BCA’s five priorities aligned with Labor.

“That’s a good thing, that we’re in sync on what the priorities are,” he told reporters.

He also said soon more than one million jobs will have been created under the Labor government, with the government reporting higher wages, “continued growth,” and a “continued rise in business investment”.

Social Services Minister Amanda Rishworth accused business groups of “posturing” before an election cycle, however she said the government was “working with business across the board” to enhance productivity.

However she said the considerations also needed to ensure fairness for workers.

“We have actually ensured that there’s balance there when it comes to negotiating pay and conditions, and what we’ve actually seen is industrial action down and wages up,” she told Nine on Tuesday morning.

“That’s a good thing for workers, but it’s also a good thing for business.”

Originally published as ‘Losing our way’: Business Council of Australia boss Bran Black hits out at government spending