19 January 2015

ACCI investor confidence survey - a reminder of the work that must be done


This media release discusses the results of today’s ACCI Survey of Investor Confidence.

The results of today’s ACCI Survey of Investor Confidence are a timely reminder that when it comes to building our economic future, we can no longer afford to just “set and forget” in the tradition of the Labor Party. 

The survey is a call to action for us all to work in the best interests of our country to fix our economy.

However, with today’s release of the December quarter figures the Labor Party continue to scaremonger and happily peddle doom and gloom.

Mr Bowen and the Labor Party spent 2014 being obstructionists.  They have actively blocked budget measures aimed to fix and build our economy.

Instead of helping us get on with the job of fixing our economy, Mr Bowen pessimistically spreads negativity.

The former Small Business Minister should know better and his press release flies in the face of Ms Carnell’s urging that  “we need the government, and the Parliament to act to restore business confidence by fixing the budget and undertaking productivity-enhancing structural reforms” (Kate Carnell, ACCI CEO)

Before he continues to peddle drama, Mr Bowen should instead consider these facts:

  • Over 200,000 jobs were created last year (213,900) and 2014 jobs growth was more than triple the rate seen in 2013.
  • Job advertisement levels are at their highest levels in over two years, with the yearly growth of job advertisements at a three and a half year high.
  • Petrol prices remain at four year lows. Australians are paying on average, 40 cents a litre less than they were at Budget time. This means a family using 50 litres of fuel a week is saving around $20 each week, compared to May last year.
  • In 2014, there were 223,013 new companies registered in Australia. This is an increase of 10.2% from the level we saw in 2013. That means almost an extra 21,000 companies were created in 2014, compared to 2013. The 223,013 new companies registered in 2014 is a record since ASIC company registration records began in 1999.
  • Australia’s Retail Trade numbers have risen for consecutive month, to be a pleasing 5.0 per cent higher through the year.
  • Dwelling approvals are now at their highest level on record. They are now 10.1% higher than a year ago.

These all show serious and credible green shoots for our economy. These are the sort of economic realities that need to be shared to build confidence. It is shameful that Mr Bowen has been rolled out by his party to try to score political points, but offer no solution to the hardworking Australian small business and family enterprise community.

As we get on with working to ensure Australia is the best place to start and grow a business, we have not seen any sort of planning or action from the ALP. Instead of supporting the national interest and engaging in a more collaborative approach to growth, Bill Shorten and Labor are all complaint and no solution.

Budget repair is not optional. Budget repair is the fundamental foundation and precondition for the sorts of economic growth and prosperity we would like to see reflected in future ACCI surveys.