Treasurer Calls Productivity Reform Roundtable Crucial for Australia's Economic Future
Australian Treasurer Jim Chalmers said Monday that a three-day economic reform roundtable beginning this week will focus primarily on boosting productivity to secure higher living standards for working families.
Speaking ahead of the Cabinet Room discussions, Chalmers described the gathering as "a really important opportunity" to address what he called decades of productivity challenges that have plagued the Australian economy.
"Living standards, higher living standards are the holy grail, and that makes productivity the primary focus," Chalmers told reporters. "Productivity has been elusive over the last couple of decades, but it will be absolutely essential to the couple of decades ahead."
The roundtable will bring together experts and stakeholders to examine three major economic challenges: productivity growth, economic resilience, and budget sustainability. Chalmers said the discussions would inform the next three federal budgets and policy directions beyond that timeframe.
Coalition Record Under Fire
Chalmers used the announcement to criticize the previous Coalition government's economic record, claiming it presided over the worst productivity performance in decades.
"The weakest decade for productivity growth in the last 60 years was the coalition decade," he said. "That's the situation that we inherited, and it will take some time to turn around."
The Treasurer said hundreds of Australians had already provided input ahead of the formal discussions. He expressed optimism about building consensus while acknowledging the scale of the challenge.
"I don't believe that we will solve every challenge in our economy in three days," Chalmers said. "This is all about three days to inform the next three budgets and beyond."
Regulation Reform on Agenda
The roundtable will examine regulatory reform as a key component of productivity improvement. Chalmers referenced comments by Productivity Commission Chair Danielle Wood, who was scheduled to speak at the National Press Club on Monday about adopting a "growth mindset" when it comes to regulation.
Wood's presentation was expected to highlight three central themes: regulatory reform, technology adoption, and the need for sustained effort over time to improve economic productivity.
"Danielle's talking about a growth mindset when it comes to regulation. She's talking about the important role of adapting and adopting technology when it comes to growing our economy," Chalmers said.
The Treasurer indicated some regulations were hampering construction of homes and energy projects, areas the government has prioritized.
"Where regulation is unnecessary, where it's duplicated, where it's not serving a useful purpose, we should seek to wind it back, and that's what we intend to do," he said.
When asked about specific regulations, including government procurement policies aimed at gender equality, Chalmers said the goal was ensuring regulation serves "an economic end" and is "fit for purpose."
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Political Opposition Response
Responding to Opposition criticism about the government introducing thousands of new regulations, Chalmers said more regulations were actually introduced during the Coalition's final term than during Labor's first term in office.
He dismissed Opposition productivity proposals, particularly industrial relations changes advocated by former Liberal MP Tim Wilson.
"No matter what the question is in our economy, the Coalition always think the answer is lower wages or harsher conditions or scorched-earth industrial relations," Chalmers said.
The Treasurer criticized the Coalition's previous election platform, saying it included "a policy for higher income taxes for all 14 million taxpaying working Australians, a policy for lower wages, higher deficits and more debt."
Tax Policy Agenda
Chalmers reiterated the government's commitment to tax cuts, saying Labor went to the election "having cut taxes once and proposing to cut taxes two more times."
"We cut taxes last year, we're cutting them next year, we're cutting them the year after," he said. "So our tax agenda is cutting taxes for people who work hard to pay the bills and to provide for their loved ones."
He also mentioned ongoing work with state and territory governments on electric vehicle road user charging arrangements.
Economic Context and Challenges
The Treasurer described the economy as "finely balanced between the progress that we've made on wages and inflation and living standards and the productivity that we desperately need to sustain that progress in the years and decades ahead."
Chalmers said the productivity challenge wasn't new, noting it had been "bedeviling our economy for a couple of decades now." He emphasized that meaningful reform would require sustained effort across multiple budget cycles.
"We need cumulative effort, ambitious effort over time in order to make our economy more productive," he said.
Implementation Timeline
When asked about the timeline for implementing potential reforms, Chalmers said it would depend on "the nature and the magnitude of the changes that are being proposed."
He suggested some near-term opportunities might emerge from the discussions but cautioned against expecting immediate wholesale changes.
"Change takes time. The best kind of change is the change that we embark on together, and that's what's driving us," Chalmers said.
The Treasurer said he hoped to announce "broad reform directions where we've built some consensus and we've built some momentum" by Thursday evening when the roundtable concludes.
Collaborative Approach
Chalmers emphasized the collaborative nature of the reform process, saying the government couldn't address productivity challenges alone.
"We are engaged in a genuinely consultative and collaborative process here to see what progress that we can make together," he said. "That progress may take time, but it will be worth it."
The roundtable represents a significant attempt by the Albanese government to build cross-sector support for economic reforms aimed at boosting Australia's long-term productivity growth. With the government facing pressure to deliver on economic promises while managing ongoing cost-of-living concerns, the discussions could shape policy direction through the remainder of the parliamentary term.
Chalmers concluded by acknowledging both opportunities and challenges facing the Australian economy.
"We've got a lot going for us in this country. We've got a lot coming at us from around the world. We've got a lot of work to do," he said. "And the Prime Minister and I believe that the best way to do that work is to try and involve people to do that work together."
The three-day roundtable represents one of the most significant economic policy consultations undertaken by the Albanese government since taking office, with outcomes expected to influence federal budget decisions for years to come.
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