“National Cabinet’s commitment to urgently address visa processing times and focus on training will alleviate Australia’s skills shortage, now the second most severe in the OECD,” ACCI director of economics, employment and skills Jenny Lambert said.

“Current processing delays mean that businesses can’t get the staff they need to operate at full capacity.

“Developing the skills of Australians and boosting workforce participation should always be prioritised. But skilled migration is a crucial part of the solution. To remain internationally competitive, Australia must have an efficient and cost-effective visa system that attracts the skills we need.

“Business also welcomes the renewed focus on productivity and microeconomic reform. The fate of our post-COVID recovery depends upon it.

“Tackling the energy crisis across eastern Australia is essential in the immediate term, but this must be carried through into the long term. Collaboration to streamline disaster recovery funding arrangements is another positive step.