New government must move swiftly to buoy economy QUICK action from the Coalition Government to boost the nation's balance sheet and scrap the carbon and mining taxes is needed to lift growth and support jobs, say business leaders. Leading business figures yesterday welcomed the clear Coalition victory and demanded an end to political bickering and the start of a genuine push to cut red tape and restore business and consumer confidence in a bid to kick-start the nation's economy. After months of faltering growth, Business Council of Australia president Tony Shepherd said the Abbott-led government must restore predictability and rebuild bridges with the corporate sector through a more inclusive and positive approach. "The Coalition has rightly acknowledged business is at the heart of continuing to grow the economy and jobs," Mr Shepherd said. It's commitment to return to proper process in government will go a long way to restoring predictability and confidence, which in turn will foster a growing economy. But he admitted government is facing a "tough task" to lift growth in the face of global competition, declining competitiveness, and a volatile global economic and political outlook. Making the tax system more competitive and lifting investment in infrastructure and skills are also vital to lifting growth, corporate leaders said. The most recent national accounts showed GDP was running at a below-trend 2.6 per cent in the year to June. But the Coalition victory has been widely tipped to lift business confidence in the coming months and may even loosen the purse strings in the household sector. In its pre-election forecasts, Treasury said the budget deficit would peak at $30.1 billion this financial year, before returning to surplus in 2016-17. But Treasurer Joe Hockey is planning to bring in external auditors to check the quality of Treasury's forecasts. Australian Industry Group chief executive Innes Willox said the election outcome has the potential to lay the groundwork for strong gains in productivity and competitiveness. Victorian Employers' Chamber of Commerce and Industry chief executive Mark Stone said business was squeezed out during the minority government under Labor as interest groups held sway. Minerals Council of Australia chief executive Mitch Hooke said abolishing the carbon tax and minerals resource rent tax would be "a positive first step." Australian Retailers Association director Russell Zimmerman called for the Coalition to impose the GST on goods bought from overseas valued at less than $1000, stamp out aggressive petrol shopper-docket discounting and cut red tape for small business.