Australian food industry urges caution

- Last updated on GMT

Related tags: Australia

Australia's major food industry body has urged the government to
stick with its reform agenda and only ease fiscal policy
temporarily, IndustrySearch...

Australia's major food industry body has urged the government to stick with its reform agenda and only ease fiscal policy temporarily, IndustrySearch reports. In its submission for the government's May 22 Budget, the Australian Food and Grocery Council​ said it recognised the difficulties facing the government in an election year, such as the sudden global economic downturn and the domestic economic and political volatility. The AFGC recognised the government's difficulties in reconciling the needs and expectations of voters for more public spending and/or tax cuts, with moneymarket demands for more reform and fiscal responsibility, chief executive Mitchell Hooke said. "But letting fiscal policy slip in any but a temporary fashion and reform fatigue to set in will require further hard yards in the longer term and in the short term, run the risk of a free-fall in the $A, putting further cost pressures on Australian businesses,"​ he said.

Related topics: Market Trends

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