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Staff Reporter
Business groups are hoping for a swift formation of government to combat the uncertainty currently facing Australians and the wider economy.
Australian Industry Group (Ai Group) CEO Heather Ridout said a hung parliament and a Senate where a minor party holds the balance of power was a worrying outcome for business.
"It will potentially lead to instability, uncertainty and short-termism in policy development, all of which poses risks and challenges for the economy," she said.
Peter Anderson, CEO of the Australian Chamber of Commerce and Industry (ACCI) said Australia needed to recognise its "new reality" and get on with business.
"The new reality is that it will be some weeks it seems before an Australian government is formed," he said yesterday.
"We will not be doing ourselves any good by just sitting back and waiting to continue our economic activity."
Mr Anderson said the uncertainty in the government was the result of a strong democratic system.
"That strong democratic system will from time to time produce results like this and we just need as an Australian community to recognise that and get on with business, both collectively... but also individually as consumers."
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