We have a Plan for Real Action

5. Build a diverse 5-Pillar economy

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We will create stronger jobs growth by building a more diverse, 5-Pillar economy through: Manufacturing Innovation, Advanced Services, Agriculture Exports, Education and Research, Mining Exports.

Building a 5-Pillar economy and unleashing Australia’s potential

Building a diverse 5-Pillar economy

To guard against having all our eggs in the one basket of mining, we will build a more diverse, world-class economy – a 5-Pillar economy – to unleash Australia’s real economic potential. We will build on our strengths in Manufacturing Innovation, Agriculture Exports, Advanced Services, world- class Education and Research, as well as boosting our Mining Exports, to make the most of our comparative advantages in international markets.

Delivering stronger jobs growth

By developing a world-class 5-Pillar economy we will deliver one million new jobs over the next five years and two million new jobs over the next decade as we modernise and transform all sectors of our economy.

Prime Minister’s Business Advisory Council

We will establish a new Prime Minister’s Business Advisory Council to advise the Executive Government on developing the economy. The Business Advisory Council will be chaired by leading Australian business leader Mr Maurice Newman AC and meet three times a year. It will include, amongst others, representatives from the Manufacturing, Agricultural, Services, Education and Resources sectors of the economy.

Building on our strengths in Manufacturing Innovation

We will unleash the real economic potential in our manufacturing industry by removing the shackles and burdens holding the industry back and by making the industry more productive and competitive. We will:

  • repeal the world’s biggest carbon tax which makes Australian businesses, particularly manufacturing, less competitive in domestic and international markets;
  • cut red tape costs by $1 billion a year;
  • get business costs down and get productivity up by ensuring Australian businesses have the right incentives to invest in Research and Development;
  • create the environment to revitalise Australian industry’s international competitiveness;
  • we will provide better links between government, business and research institutions;
  • act immediately to deliver a level playing field for Australia’s manufacturing businesses with more effective anti-dumping measures. We will crack down on overseas producers who don’t cooperate with anti-dumping investigations. We will strengthen enforcement of the provisions of the World Trade Organisation Agreement on subsidies and countervailing measures. We will transfer anti-dumping responsibilities from Customs to the Department of Industry; and
  • build on our comparative strength in Manufacturing Innovation.

Building on our strengths in Agriculture Exports

We will unleash the real economic potential in our agricultural industry by removing the shackles and burdens holding the industry back and by making the industry more productive and globally competitive. We will:

  • build on our comparative strength in food production and better manage our precious water resources to help our agriculture sector become the ‘Food Bowl of Asia’ and achieve ‘food security’ in a world demanding more of our food resources;
  • support our fishing industry and review the declaration of new Marine Protected Areas. We will establish genuine consultation with the fishing industry on research and strengthen the connection between science and fishing policy; and
  • provide policy stability and certainty to our live exports trade – avoiding damaging backflips like Labor’s overnight decision to suspend live cattle trade with Indonesia.

Building on our strengths in Advanced Services

We will unleash the real economic potential in our service industries by making the industry more productive and globally competitive.

We will deliver broadband faster, sooner and at less expense to taxpayers and consumers than Labor’s National Broadband Network.

We will:

  • cut red tape costs by $1 billion per year;
  • build on our comparative strength in Advanced Services to boost our exports to Asia. We will seize the enormous opportunities for this highly diversified sector, particularly in relation to financial services, health services, engineering and architectural services;
  • encourage modernisation and the development of Advanced Services and support the use of new technologies, particularly digital and IT;
  • expand our skills into the Asian region; and
  • give priority to the recommendations of the Johnson Report into Australia as a Financial Centre to further grow our financial services industry’s ability to export its world-class expertise to Asia and beyond.

Building a world-class Education and Research sector

We will unleash the real economic potential in our Education and Research sector by removing the shackles and burdens holding the industry back and by making the industry more productive and globally competitive. We will:

  • encourage modernisation and the development of world-class Education and Research capabilities and support the use of new technologies, particularly digital and IT; and
  • expand our education export sector, particularly in the Asian region using a number of channels including online.

Building a world-class Mining, Energy and Resources sector

We will unleash the real economic potential in our mining industry by removing the shackles and burdens holding the industry back and by making the industry more productive and globally competitive. We will:

  • build on our strength as one of the world’s rich resource-based economies;
  • re-energise our mining companies by abolishing Labor’s carbon and mining taxes;
  • establish a one-stop shop for environmental approvals and speed up the time for bringing projects on-stream; and
  • declare Australia ‘open-for-business’ and restore Australia’s international reputation as a safe place to invest.