The Chamber of Commerce and Industry of Western Australia (CCI) has welcomed the recently-announced 'competitiveness agenda' but said the government needs to provide more detail about it.
According to the ABC, CCI chief economist John Nicolaou said that, as the resources boom fades, Western Australia and the nation as a whole need policies which improve the capacity of businesses to compete internationally.
Announced last week, the competitiveness agenda means that government support will focus on areas of strength such as medical technology, mining and advanced manufacturing.
The new direction is believed to be behind the possible breaking of the government’s pre-election promise to build submarines in South Australia. According to Industry minister Ian Macfarlane, there is a need for skills to match an increasingly niche, high-technology future.
CCI’s John Nicolaou welcomed the policy and said it signals the federal government’s intention to build economic competitiveness.
"That aligns very nicely with the vision we've put forward in terms of the state's future progress,” he said.
"We're moving away from a resources-led investment boom and we’re transitioning out of that into a production based growth profile.
"[We need] to broaden the state and the nation's growth profile and ensure that the opportunities that we've seen over the past decade continue for decades to come.
"Productivity continues to lag … and our competitiveness continues to slide.
"We need to move to policy settings that will enhance the competitiveness of the economy and ultimately lift productivity."