Ai Group seeks less haste to fix budget

The Australian Industry Group group's Innes Willox (R) is seeking less haste to balance the budget. Source: AAP

A KEY industry group is concerned that in a rush to get the budget back in order, the federal government will cut measures and programs that support innovation and skills development at a time when extra effort is needed.

The Australian Industry Group (Ai Group) warns that manufacturing in particular has been "squeezed and sapped" by high costs, the high Australian dollar and low productivity.

"The situation is urgent. Revenues, reserves and margins have been hit for six," the group's chief executive Innes Willox said in a statement on Thursday.

Ai Group has presented a 10-point plan to the government to overcome barriers to growth across all industries.

It includes both the federal and state governments getting their budgets back on a secure footing but not until the end of the decade.

It also calls for a lift in infrastructure investment, the removal of blockages to flexible workplace relations and a reduction in costs by putting in place the right policies for energy markets, renewables and emissions.

Mr Willox said the economy needs to rebalance to replace the waning mining investment boom with new drivers of growth, while managing Australia's heightened exposure to commodity prices, global capital markets and its increased concentration of export markets.

"Successful management of the situation facing our economy requires action across a number of fronts, including repositioning the manufacturing sector for growth," he said.

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