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Businesses say productivity reform the answer to Treasurer’s economic update

WA business leaders have backed national calls for measures to drive economic growth and supercharge productivity following a confronting economic update by the Federal Treasurer.

Jim Chalmers on Thursday warned the latest prediction of inflation reaching 7.75 per cent leapfrogs earlier forecasts by a significant margin. He also revealed economic growth had been pared back in his ministerial statement to Federal Parliament.

The economic forecasts come as businesses feel the sting from higher costs, interest rate rises, labour shortages and prolonged supply chain disruptions caused by the pandemic and the war in Ukraine.

Business Council of Australia chief executive Jennifer Westacott said “unnecessary friction” in the economy was adding to costs and called for reductions to red tape, including expedited visa processing, in a checklist of reforms to boost growth.

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