The Australian business community has never faced greater headwinds, says BCA president Geoff Culbert. Picture: ANDREW KACIMAIWAI
The rise of populism is becoming a growing danger to business, says Business Council of Australia (BCA) president Geoff Culbert.
He made the comment in a speech to the council’s annual dinner held in Sydney on
Wednesday (September 18), attended by Prime Minister Anthony Albanese and other members of cabinet.
“I don’t think I would be alone in saying I’m concerned about the state of democracy in Western countries,” Mr Culbert told the audience.
“You only have to look around the world to understand what I’m talking about.”
Mr Culbert said populism is driving self-interest ahead of national interest and eroding trust and respect in businesses and other institutions.
“We cannot let ourselves get trapped in an endless cycle of short-term thinking and blame-shifting,” he said.
“This only serves to undermine the public’s trust and respect in the institutions that set the agenda and direction of the nation. It creates a wedge that gets exploited by minority interests.”
Mr Culbert also had a simple message for his audience.
“The scapegoating of business has to stop,” he said.
“The Australian business community has never faced greater headwinds.
“There is now a material and concerning disconnect between the negative way in which business is perceived, and the positive value it creates for Australia.”
Mr Culbert conceded that some criticism of business, large and small, was self-inflicted but pointed out the economic contributions made to the country.
“Business employs six out of seven working Australians. Business paid $145 billion in taxes last year, which constitutes close to a quarter of the Federal budget,” he says.
“There will never be a budget surplus without business. There are very few jobs in Australia without business.”
Mr Culbert also reaffirmed the council’s bipartisan stance.
“We will support good ideas regardless of which side of politics those ideas come from,” he said and cited the federal gas strategy, skill migration and aged care reforms as examples.
“At the same time, we will argue strongly against any short-term, populist policies and we’ll continue to do so in a forthright, rational and practical way, backed by facts and evidence.”
He defended sectors like mining and tertiary education, which have come under sustained criticism.
“Why would anyone want to invest in Australia where even a modicum of success is criticised?” he asked.
“Rather than celebrate that success and support our most globally competitive industries, we seek to slow them down.”
For full speech, click here
