US President Donald Trump’s new trade tariffs are expected to negatively impact Australian industry, with business leaders already struggling to turn a profit in a sluggish economy, amid lingering inflation and a tight labour market.
In the run up to a federal election, Australian Industry Group’s leaders survey for 2025 found that business confidence remains low. Innes Willox is AI Group’s CEO and he is speaking to SBS’s Sandra Fulloon.
It's becoming obvious by the day that the chances of Australia escaping the American tariff noose are reducing. It's now looking more likely than not that Australian industry across steel, aluminum and iron will be caught up in the Trump tariffs. Although the government and embassy have worked very hard we’ve not seen any walking back by the American administration about its potential impact on Australia.
If we could turn to manufacturing first of all, how important is manufacturing to the Australian economy? Well, there's certainly a tone coming out of our survey and our work with industry more broadly that we're in a very tough time at the moment. We're in a bit of a trough. Our economy is flatlining. We're not seeing big growth in business investment, which is a key indicator of confidence. Businesses really concerned about the economic direction more generally.
We all know there's an election looming before May 17 what should government be looking at? What can they do to make business more competitive?
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