Australia needs a new approach to economic reform which embraces future industries such as tourism, according to the peak national tourism body, the Tourism & Transport Forum Australia (TTF).

TTF CEO Margy Osmond said the development of a ‘Future Economy Strategy’ to help drive economic growth and jobs creation for Australia is vital.

“The Future Economy Strategy should be the centrepiece of the next Federal budget and must be supported by an action plan focused on maximising economic growth and job generation,’ Ms Osmond said.

“Australia is at a cross-roads. We can either continue to prop up old industries which will only delay their decline, or we can invest in the industries that will drive growth, jobs and Australia’s prosperity in the decades to come.

“This may mean making difficult decisions to fundamentally restructure the economy and how government supports its growth.

“TTF welcomes the fact that the Government is looking at new strategies for prosperity. The Treasurer has rightly identified tourism, along with international education, health and community services, as being central to the growth of the service sector.

“Tourism supports nearly one million jobs already in Australia and contributes $100 billion to GDP.

“But there is much more that the Government can do to reduce the excessive layers of regulation and cost that our industry faces. If the Government is serious about seeing these service sectors flourish, then we need bold and determined efforts to ensure we are delivering the best outcomes.

“We have a unique advantages in sectors like tourism, education and health but we are not alone in what is an increasingly competitive international market.

“We also need to look at how the tax system is structured to ensure it supports investment in key economic infrastructure to support the growth of the future economy.”