Taking care of business
In October 2014, the then Abbott government announced its industry innovation and competitiveness agenda. It was an action plan to build a stronger Australia against a backdrop of 23 years of economic growth – a plan that would be challenged by falling commodity prices, increased government borrowing, an ageing population and flat productivity.
In its first few pages, the agenda states that by 2050 more than half the world’s economic output will be from the Asia-Pacific region. It says Australian businesses will have increasing opportunities to access distant markets, global value chains, skilled labour and investor capital.
“Large businesses will have more opportunities to scale up for a world market and small businesses will be able to find niche markets for their products overseas,” says the agenda.
