OPINION: Leading chief executives have taken the opportunity to pinpoint structural weaknesses in the economy and suggest reforms.
, where it is headed and what it needs to do to remain prosperous.
When asked about the economic outlook for 2023, Henry shared a longer-term perspective that is informed by managing 80,000 employees in more than 90 locations, including 45,000 in Australia.“We risk holding ourselves back if we do not address globally uncompetitive fiscal settings, falling productivity and education levels, and rising inflation and skills shortages,” he says.
“We need growth across all sectors and in new businesses to broaden and deepen Australia’s economic base.” BHP is writing new contracts with METS companies by sharing information about the problems it wants to solve. When asked about the economic outlook he said: “It’s important not to think of the economy as homogenous and to note that not all businesses and industries are the same in terms of resilience, growth and value.
“What a tighter economy and higher interest rates does is move the focus to high quality, strong, profitable businesses that do not need frequent new rounds of capital raising to stay in business. Investors should focus on strong businesses, with growth and profit as part of their value.” “Corporate tax reforms, cordial industrial relations, and incentives for innovation are crucial enablers for productivity gains aligned with wage growth and cost-of-living increases,” he says.“These efforts must be supported with targeted government funding and tax measures for innovation, R“Looking longer term, Australia should focus on diversifying its earnings and export profile and continue to invest in its domestic industrial and manufacturing base.
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