Business gives tick to audit report

THE national commission of audit's roadmap to balancing the budget has won qualified support from big business.

The AIG, which represents more than 60,000 businesses, welcomed proposals to improve performance of organisations in the public sector and defence, the broad directions on transfer payment arrangements and incentives to encourage greater workforce participation.

But more work was needed on the commission's proposals related to the decentralisation of vocational education and training, and proposals on innovation were not firmly founded.

Also, the commission's approach to programs aimed at building up small and medium businesses did not adequately reflect the value of Australia's Enterprise Connect and Export Market Development Grants programs, the AIG said.

"The Commission of Audit report released today presents an ambitious agenda to restore the strength of Australia's public finances and to secure a disciplined approach to fiscal policy into the future," AIG chief executive Innes Willox said on Thursday.

"Ai Group shares the commission's view that it is critical that as a community, we debate and deal with the particular long term challenges of our demographic outlook and our rapidly growing health expenditure."

The Australian Chamber of Commerce and Industry (ACCI) said it would take time for business to absorb the report, which looked like "a bold and comprehensive step in the right direction".

"The federal Labor opposition and Greens, in particular, must demonstrate leadership in supporting necessary steps to repair the massive debt and deficits they left during the last government," ACCI chief operating officer John Osborn said.

He said business hoped to see the substance of the commission's work reflected in federal government budgets over the next 10 years.

CPA Australia, which represents certified practising accountants in Australia, said the audit report was an important step in identifying areas putting pressure on the budget.

But by itself a narrow focus on spending would not overcome future economic and social challenges.

PA chief executive Alex Malley said the audit report should stimulate discussion about what Australia should look like in the future and what would drive economic growth.

That discussion should include issues such as the GST, the retirement of inefficient taxes and broader tax reform.

The Financial Services Council (FSC) commended the commission's recommendation to tighten the link between superannuation and eligibility for the age pension.

"It is critical that the increased life expectancy of Australians is the driver for age pension and superannuation policy, so future generations of taxpayers are not burdened with the cost of retirement."

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