A coalition of 27 organisations representing Australia’s small, medium and large businesses, universities and the investment community has issued a joint submission that calls on the government to work on productivity solutions to improve living standards for all Australians.
The coalition, comprising organisations such as the Australian Banking Association, Australian Chamber of Commerce and Industry, Council of Small Business Organisations, National Farmers’ Federation, and Universities Australia, issued the submission in time for the Economic Reform Roundtable, which seeks to improve productivity, boost living standards, and build long-term economic resilience.
“Productivity growth over the past decade was the weakest in six decades. It is clear that the economy isn’t working for Australians like it used to,” the coalition stated. “If we don’t fix it, not only will Australians struggle to get ahead in life, but future generations are at risk of missing out on the quality of life we enjoy today.”
The coalition identified four reform priority measures that will deliver benefits for economic activity across the country:
- Boost investment and innovation by reforming incentives and funding models around research and development (R&D), and develop a national strategy to boost Australia’s investment competitiveness. This would help reinvigorate national infrastructure for R&D collaboration and would position Australia as a leading jurisdiction for artificial intelligence and emerging technologies.
- Reduction of red tape through better regulation and a commitment to a 25 per cent reduction in the regulatory burden by 2030. This would also include a reduction in regulatory overreach, uncertainty and duplication, and a pro-growth focus in government decision-making and regulatory culture.
- Improve planning and major project approvals by reforming the overarching framework for environmental and planning approvals, coordinating and unifying federal, state, and local planning processes, alongside the creation of a national framework for streamlined data sharing.
- Kickstart a comprehensive tax reform in order to encourage investment and economic growth by appointing a range of stakeholders, including business representatives, for a three-month review of existing tax regulations with the support of the Productivity Commission and Treasury.
The coalition also reiterated its commitment to collaborate with government agencies towards important reform in areas that have additional potential to boost productivity and prosperity, including trade, skills, employment and industrial relations settings, and federal and state relations.
“We look forward to working collaboratively through this process to help build a more productive, prosperous, and inclusive Australian economy where we work smarter, support our essential services, and secure a better future for all,” the statement concluded.
