Skip to content
News update

2024-25 Pre-budget submission

Governance Institute sets out vision for the economy

Governance Institute of Australia recently published its 2024-25 Pre-budget submission to Treasury outlining its vision for a more dynamic, safe, and resilient economy.

We outlined the economic opportunities and challenges facing our members as we transition to a low carbon economy and become increasingly digitised across all sectors.

Australia’s economic potential can be realised through modernised regulatory architecture, reformed corporations’ laws and frameworks, a coherent digital strategy and clearer guidance to drive sustainable business practices and national climate targets. The four pillars outlined in our submission aim to address a number of factors across the economy.

Cyber risks will continue to grow and challenge the business community.

Australian organisations and individuals are being targeted by cyber criminals at a time when an increasing number of products and services are being accessed and delivered online. Better resourcing, preparation and response planning and appropriate communication is required to minimise the impacts of future cyber-attacks on vulnerable individuals and organisations. Our submission called on government to work with industry to develop a targeted and fit-for-purpose cyber governance standard and the implementation of the national Cyber Health-Check program, targeted at SMEs to help them identify security vulnerabilities and solutions.

AI and emerging technologies are critical to driving economic growth and productivity.

Australia has a recognised opportunity to promote and protect critical technologies. But the nation is lagging its international peers on the confidence to integrate these technologies. What the Institute has found is that Australian individuals and business leaders have seemingly higher levels of scepticism about the benefits of AI compared to our international counterparts. Our hesitancy to embrace the emerging opportunities of AI is a break on our economic potential and innovative capacity. Part of the solution is working towards the modernisation of privacy laws. The Government’s response to the Privacy Act review suggests that more work needs to be done to enable industry to become at the forefront of innovation. Our submission also calls for the creation of an Office of the Privacy Commission and further expansion and resourcing of the Office of the Information Commissioner.

International environmental and climate law and policy is rapidly evolving placing local businesses at risk of declining competitiveness.

The international community is moving rapidly to create the conditions for ecologically sustainable development, through the formation of international standards, disclosure, and reporting frameworks. The legal rights of nature, an expanding field of international environmental law and policy is anticipated to have further emerging impacts on Australia’s biodiversity, conservation, land-use, and planning laws. The development of Australian environmental and climate governance frameworks is required to lead and influence the adoption of sustainable business practices.

We’ve asked government to embrace the role of professional associations in educating and supporting individuals and organisations on the journey to a low-emissions economy. A pool of funding for professional membership-based associations to access on a tendered basis will drive capacity-building tools and programs to meet Australia’s climate targets.

Addressing Australia’s productivity gap is key to lower inflationary pressures and driving higher living standards.

Our members consider that productivity reform will play an important role in reducing business and transaction costs across the economy. Inefficient, time-consuming, and costly business transactions and dealings, including the ever-increasing regulatory burden contribute to increased costs of doing business that is subsequently passed through to consumers.

We have called on government to develop modern regulatory architecture to allow for the efficient allocation of resources and corporate and commercial productivity reforms to support economic growth and limit inflationary cost pressures on business.

Governance Institute will consider to campaign for the establishment of an independent, expert Corporate Law Reform Body to drive corporate and securities law reform as well as strengthened whistleblower protections and an independent Whistleblower Protection Authority.

For a full list of recommendations you can access the submission here.

Governance Institute calls for greater digital ID protections

Next article