Latest news with #BranBlack
West Australian
15-07-2025
- Business
- West Australian
CEOs urged to grow China trade, despite coercion threat
Australia's peak business lobby has played down concerns over Chinese economic coercion, saying increased trade between the two nations is actively encouraged. Business Council of Australia chief executive Bran Black said business leaders should continue to pursue diversification as an "inherent good in and of itself" while also strengthening ties with China. Australia's economic reliance on China was exposed during the COVID-19 pandemic, when Beijing imposed restrictions across $20 billion worth of key exports over political grievances with Canberra. At the time, Australia pursued a policy of trade diversification, successfully making up much of the trade shortfall with increased exports to countries such as Japan, South Korea and India. But since a thaw in relations with Zhongnanhai following Labor's election victory in 2022, trade between Australia and China has rebounded. Speaking ahead of Prime Minister Anthony Albanese's meeting with Chinese President Xi Jinping in Beijing, Mr Black said the meeting would set the tone at a business-to-business level and send a signal that further engagement is welcome. But Australian CEOs should still be encouraged to diversify because it was good for business as well as managing risk. "So from our perspective, we say let's try and have the best possible relationship that we can with China. Let's try and make sure that we can establish trade opportunities that help jobs and businesses back home," he told reporters in Beijing. "But let's also concentrate on the engagements that we have overseas with countries like the United Arab Emirates, countries like India, countries like those in Southeast Asia." A risk remains that China could once again resort to economic penalties on Australia in retaliation for political disagreements. Speculation has emerged that Beijing could apply countermeasures if Canberra follows through on its plan to tear up a Chinese-owned company's lease of Darwin Port. An article by a Chinese state media-linked influencer suggested Beijing could restrict Australian imports, including iron ore trade valued at more than $100 billion, in response. Mr Black refused to say whether businesses were concerned about blowback from the Darwin Port decision, backing the government's right to make decisions regarding the national interest. In a press conference on Monday, Mr Albanese said he was not concerned about Chinese retaliation. "We had a very clear position that we want the port to go into Australian ownership," he told reporters in Shanghai. "We've been clear about it, we've been orderly about it, and we will go through that process."
Perth Now
15-07-2025
- Business
- Perth Now
CEOs urged to grow China trade, despite coercion threat
Australia's peak business lobby has played down concerns over Chinese economic coercion, saying increased trade between the two nations is actively encouraged. Business Council of Australia chief executive Bran Black said business leaders should continue to pursue diversification as an "inherent good in and of itself" while also strengthening ties with China. Australia's economic reliance on China was exposed during the COVID-19 pandemic, when Beijing imposed restrictions across $20 billion worth of key exports over political grievances with Canberra. At the time, Australia pursued a policy of trade diversification, successfully making up much of the trade shortfall with increased exports to countries such as Japan, South Korea and India. But since a thaw in relations with Zhongnanhai following Labor's election victory in 2022, trade between Australia and China has rebounded. Speaking ahead of Prime Minister Anthony Albanese's meeting with Chinese President Xi Jinping in Beijing, Mr Black said the meeting would set the tone at a business-to-business level and send a signal that further engagement is welcome. But Australian CEOs should still be encouraged to diversify because it was good for business as well as managing risk. "So from our perspective, we say let's try and have the best possible relationship that we can with China. Let's try and make sure that we can establish trade opportunities that help jobs and businesses back home," he told reporters in Beijing. "But let's also concentrate on the engagements that we have overseas with countries like the United Arab Emirates, countries like India, countries like those in Southeast Asia." A risk remains that China could once again resort to economic penalties on Australia in retaliation for political disagreements. Speculation has emerged that Beijing could apply countermeasures if Canberra follows through on its plan to tear up a Chinese-owned company's lease of Darwin Port. An article by a Chinese state media-linked influencer suggested Beijing could restrict Australian imports, including iron ore trade valued at more than $100 billion, in response. Mr Black refused to say whether businesses were concerned about blowback from the Darwin Port decision, backing the government's right to make decisions regarding the national interest. In a press conference on Monday, Mr Albanese said he was not concerned about Chinese retaliation. "We had a very clear position that we want the port to go into Australian ownership," he told reporters in Shanghai. "We've been clear about it, we've been orderly about it, and we will go through that process."
The Advertiser
27-06-2025
- Business
- The Advertiser
Captains of industry, unions sit at economic roundtable
Trade unionists, business leaders and welfare advocates are among the confirmed guests for the federal government's economic summit. August's productivity roundtable will include ACTU secretary Sally McManus, Business Council of Australia chief executive Bran Black, Australian Council of Social Service head Cassandra Goldie along with productivity commissioner Danielle Wood. Australian Chamber of Commerce and Industry chief executive Andrew McKellar and Australian Industry Group head Innes Willox are also confirmed, as is ACTU president Michele O'Neil and Council of Small Business Organisations of Australia chair Matthew Addison. The summit will look to find ways to boost flagging levels of productivity in the economy. "Each participant will play an important role in helping to shape our national reform priorities to boost productivity, strengthen our resilience and improve budget sustainability," Treasurer Jim Chalmers said. "This initial group includes leading voices from business, unions, the community sector and our key economic institutions. "This is a representative group that we're asking to provide ideas and build and advance consensus around them." It comes after the treasurer extended an invitation earlier in the week to opposition counterpart Ted O'Brien. The summit will be held over three days in Canberra. Dr Chalmers said the roundtable would include opportunities for state and territory representatives to contribute, as well as those on the cross bench in federal parliament. "More invitations will be issued in tranches and in due course as the agenda takes shape," he said. "We will bring additional stakeholders, experts and representative groups to the roundtable, including for specific days, sessions and topics." Members of the public are also urged to offer ideas, with submissions open until late July. "We welcome proposals to improve productivity, build economic resilience in the face of global uncertainty, and strengthen budget sustainability," Dr Chalmers said. The ideas would need to meet criteria including being in the national interest, be positive for the federal, as well as being specific. Experts are concerned about Australia's lagging growth in productivity - a key economic measure of efficiency and long-term driver of improved living standards. The Business Council's chief executive said he looked forward to providing practical solutions the productivity challenge. "Productivity growth is the best way to sustainably lift living standards for all Australians, which is why it is critical that there is constructive engagement between all stakeholders," Mr Black said. Trade unionists, business leaders and welfare advocates are among the confirmed guests for the federal government's economic summit. August's productivity roundtable will include ACTU secretary Sally McManus, Business Council of Australia chief executive Bran Black, Australian Council of Social Service head Cassandra Goldie along with productivity commissioner Danielle Wood. Australian Chamber of Commerce and Industry chief executive Andrew McKellar and Australian Industry Group head Innes Willox are also confirmed, as is ACTU president Michele O'Neil and Council of Small Business Organisations of Australia chair Matthew Addison. The summit will look to find ways to boost flagging levels of productivity in the economy. "Each participant will play an important role in helping to shape our national reform priorities to boost productivity, strengthen our resilience and improve budget sustainability," Treasurer Jim Chalmers said. "This initial group includes leading voices from business, unions, the community sector and our key economic institutions. "This is a representative group that we're asking to provide ideas and build and advance consensus around them." It comes after the treasurer extended an invitation earlier in the week to opposition counterpart Ted O'Brien. The summit will be held over three days in Canberra. Dr Chalmers said the roundtable would include opportunities for state and territory representatives to contribute, as well as those on the cross bench in federal parliament. "More invitations will be issued in tranches and in due course as the agenda takes shape," he said. "We will bring additional stakeholders, experts and representative groups to the roundtable, including for specific days, sessions and topics." Members of the public are also urged to offer ideas, with submissions open until late July. "We welcome proposals to improve productivity, build economic resilience in the face of global uncertainty, and strengthen budget sustainability," Dr Chalmers said. The ideas would need to meet criteria including being in the national interest, be positive for the federal, as well as being specific. Experts are concerned about Australia's lagging growth in productivity - a key economic measure of efficiency and long-term driver of improved living standards. The Business Council's chief executive said he looked forward to providing practical solutions the productivity challenge. "Productivity growth is the best way to sustainably lift living standards for all Australians, which is why it is critical that there is constructive engagement between all stakeholders," Mr Black said. Trade unionists, business leaders and welfare advocates are among the confirmed guests for the federal government's economic summit. August's productivity roundtable will include ACTU secretary Sally McManus, Business Council of Australia chief executive Bran Black, Australian Council of Social Service head Cassandra Goldie along with productivity commissioner Danielle Wood. Australian Chamber of Commerce and Industry chief executive Andrew McKellar and Australian Industry Group head Innes Willox are also confirmed, as is ACTU president Michele O'Neil and Council of Small Business Organisations of Australia chair Matthew Addison. The summit will look to find ways to boost flagging levels of productivity in the economy. "Each participant will play an important role in helping to shape our national reform priorities to boost productivity, strengthen our resilience and improve budget sustainability," Treasurer Jim Chalmers said. "This initial group includes leading voices from business, unions, the community sector and our key economic institutions. "This is a representative group that we're asking to provide ideas and build and advance consensus around them." It comes after the treasurer extended an invitation earlier in the week to opposition counterpart Ted O'Brien. The summit will be held over three days in Canberra. Dr Chalmers said the roundtable would include opportunities for state and territory representatives to contribute, as well as those on the cross bench in federal parliament. "More invitations will be issued in tranches and in due course as the agenda takes shape," he said. "We will bring additional stakeholders, experts and representative groups to the roundtable, including for specific days, sessions and topics." Members of the public are also urged to offer ideas, with submissions open until late July. "We welcome proposals to improve productivity, build economic resilience in the face of global uncertainty, and strengthen budget sustainability," Dr Chalmers said. The ideas would need to meet criteria including being in the national interest, be positive for the federal, as well as being specific. Experts are concerned about Australia's lagging growth in productivity - a key economic measure of efficiency and long-term driver of improved living standards. The Business Council's chief executive said he looked forward to providing practical solutions the productivity challenge. "Productivity growth is the best way to sustainably lift living standards for all Australians, which is why it is critical that there is constructive engagement between all stakeholders," Mr Black said. Trade unionists, business leaders and welfare advocates are among the confirmed guests for the federal government's economic summit. August's productivity roundtable will include ACTU secretary Sally McManus, Business Council of Australia chief executive Bran Black, Australian Council of Social Service head Cassandra Goldie along with productivity commissioner Danielle Wood. Australian Chamber of Commerce and Industry chief executive Andrew McKellar and Australian Industry Group head Innes Willox are also confirmed, as is ACTU president Michele O'Neil and Council of Small Business Organisations of Australia chair Matthew Addison. The summit will look to find ways to boost flagging levels of productivity in the economy. "Each participant will play an important role in helping to shape our national reform priorities to boost productivity, strengthen our resilience and improve budget sustainability," Treasurer Jim Chalmers said. "This initial group includes leading voices from business, unions, the community sector and our key economic institutions. "This is a representative group that we're asking to provide ideas and build and advance consensus around them." It comes after the treasurer extended an invitation earlier in the week to opposition counterpart Ted O'Brien. The summit will be held over three days in Canberra. Dr Chalmers said the roundtable would include opportunities for state and territory representatives to contribute, as well as those on the cross bench in federal parliament. "More invitations will be issued in tranches and in due course as the agenda takes shape," he said. "We will bring additional stakeholders, experts and representative groups to the roundtable, including for specific days, sessions and topics." Members of the public are also urged to offer ideas, with submissions open until late July. "We welcome proposals to improve productivity, build economic resilience in the face of global uncertainty, and strengthen budget sustainability," Dr Chalmers said. The ideas would need to meet criteria including being in the national interest, be positive for the federal, as well as being specific. Experts are concerned about Australia's lagging growth in productivity - a key economic measure of efficiency and long-term driver of improved living standards. The Business Council's chief executive said he looked forward to providing practical solutions the productivity challenge. "Productivity growth is the best way to sustainably lift living standards for all Australians, which is why it is critical that there is constructive engagement between all stakeholders," Mr Black said.
News.com.au
12-06-2025
- Business
- News.com.au
Business Council of Australia calls for R&D funding to hit 3pc GDP, amid productivity push
Australia could miss out on its next great invention plus significant economic benefits, with one prominent business leader calling for an increase in research and development spending so we no longer lag behind other developed countries. Business Council of Australia chief executive Bran Black says the Albanese government should help boost public and private spending into research and development from 1.7 per cent of GDP to 3 per cent. As it stands, Australia is dragging behind the other OECD countries which on average invest 2.7 per cent of GDP into funding and developing innovating ideas. Australia was also significantly behind the United States and South Korea which invest 3.59 per cent and 5.21 per cent respectively. As a result, the country was missing out on the economic returns, with Mr Black pointing to analysis from the CSIRO which found that every dollar invested in R&D offered a $3 return to GDP. 'They're doing that because they see that the economic return, the dividend to their economy associated with these types of investment makes it worthwhile,' he said. More and better innovation also had the power to make 'life better' too, said Mr Black, pointing to world-leading Australian inventions such as the cochlear implant, Google Maps, pacemakers and even Wi-Fi. 'If we talk about these types of inventions – being able to hear, being able to see your child, being able to navigate your way through cities and towns with confidence – that is genuinely a reflection of how our society has changed as a consequence of good old Australian R&D,' he said. 'R&D when done right changes the way we live, every single day.' While sectors such as agriculture, health, renewables and the resources sector were areas where Australia had 'existing advantages,' he said there was also 'scope for opportunity' in more left field areas like quantum computing. Figures released by the Department of Industry, Science and Resources tip Australia's technology sector is set to contribute $244bn a year to the economy by 2031, a rapid increase from the current $167bn. Increasing Australia's quantum capabilities is set to amplify the growth of the sector. 'Who would have thought that Australia would be at the absolute forefront of global research with respect to this cutting edge technology, and yet we are,' he said. The push for a higher spend on R&D comes as Labor seeks to unite union and business leaders for a productivity roundtable which will be held at Parliament House in August. Mr Black said boosting Australian innovation was a key way to expose Australia to new market, create new jobs and develop emerging industries. In addition for a 5 per cent target on increased funding from the public and private sector, the BCA is also calling for a better tax incentives to encourage domestic and international to invest in Australian projects, plus a publicly accessible National Researcher Directory to help connect industry with research expertise. 'Ultimately what that means is that R&D is an excellent way of driving productivity (and) productivity is the main determinant for how we can deliver real wages growth across our economy,' he said. Labor is undertaking a strategic review into its R&D processes, with the government set to receive the recommendations by the end of the year. Former industry and science minister Ed Husic also acknowledged in October last year that R&D funding in Australia was at a 'sorry state,' and said the government was 'very focused on fixing up our languishing national R&D spend'.
Perth Now
12-06-2025
- Business
- Perth Now
Fears Australia faces ‘missed opportunity'
Australia could miss out on its next great invention plus significant economic benefits, with one prominent business leader calling for an increase in research and development spending so we no longer lag behind other developed countries. Business Council of Australia chief executive Bran Black says the Albanese government should help boost public and private spending into research and development from 1.7 per cent of GDP to 3 per cent. As it stands, Australia is dragging behind the other OECD countries which on average invest 2.7 per cent of GDP into funding and developing innovating ideas. Australia was also significantly behind the United States and South Korea which invest 3.59 per cent and 5.21 per cent respectively. As a result, the country was missing out on the economic returns, with Mr Black pointing to analysis from the CSIRO which found that every dollar invested in R&D offered a $3 return to GDP. 'They're doing that because they see that the economic return, the dividend to their economy associated with these types of investment makes it worthwhile,' he said. More and better innovation also had the power to make 'life better' too, said Mr Black, pointing to world-leading Australian inventions such as the cochlear implant, Google Maps, pacemakers and even Wi-Fi. Business Council of Australia chief executive Bran Black is calling for more investment in R&D. NewsWire / Martin Ollman Credit: News Corp Australia 'If we talk about these types of inventions – being able to hear, being able to see your child, being able to navigate your way through cities and towns with confidence – that is genuinely a reflection of how our society has changed as a consequence of good old Australian R&D,' he said. 'R&D when done right changes the way we live, every single day.' While sectors such as agriculture, health, renewables and the resources sector were areas where Australia had 'existing advantages,' he said there was also 'scope for opportunity' in more left field areas like quantum computing. Figures released by the Department of Industry, Science and Resources tip Australia's technology sector is set to contribute $244bn a year to the economy by 2031, a rapid increase from the current $167bn. Increasing Australia's quantum capabilities is set to amplify the growth of the sector. 'Who would have thought that Australia would be at the absolute forefront of global research with respect to this cutting edge technology, and yet we are,' he said. Speaking to the importance of R&D, Mr Black said analysis from the CSIRO found Australia stood to receive a $3 boost to GDP for every dollar invested in R&D. NewsWire/ Nicholas Eagar Credit: NewsWire The push for a higher spend on R&D comes as Labor seeks to unite union and business leaders for a productivity roundtable which will be held at Parliament House in August. Mr Black said boosting Australian innovation was a key way to expose Australia to new market, create new jobs and develop emerging industries. In addition for a 5 per cent target on increased funding from the public and private sector, the BCA is also calling for a better tax incentives to encourage domestic and international to invest in Australian projects, plus a publicly accessible National Researcher Directory to help connect industry with research expertise. 'Ultimately what that means is that R&D is an excellent way of driving productivity (and) productivity is the main determinant for how we can deliver real wages growth across our economy,' he said. Labor is undertaking a strategic review into its R&D processes, with the government set to receive the recommendations by the end of the year. Former industry and science minister Ed Husic also acknowledged in October last year that R&D funding in Australia was at a 'sorry state,' and said the government was 'very focused on fixing up our languishing national R&D spend'.
