To ensure continued growth in the Australian economy requires the Government to prioritise policy in 10 key areas, according to CEDA, the Committee for Economic Development of Australia.
Their latest research report delivers an important roadmap of priority areas to ensure our future prosperity and underlines how growth is issue of critical importance in the current Federal Election campaign.
CEDA Chief Executive, Stephen Martin said with less than three weeks to polling day, it’s vital that both major parties deliver sustainable, holistic plans for how they will drive growth in Australia coming term.
The 10 areas where action needs to be taken are innovation, competition policy, education, workforce participation, infrastructure, fiscal resilience, tax reform, federalism, workplace relations and climate change.
“Key policy actions under each of these categories are identified that range from long term planning for infrastructure development and removing unnecessary regulation to initiatives to reduce the cost of childcare and the high marginal tax rate families experience when the second income earner seeks to re-enter the labour market following parental leave,” said Martin.
“Encouraging innovation, improving overall education outcomes and introducing competition reform to previously protected areas are other key areas explored.”
“To maintain Australia’s economic prosperity and ensure we continue to create high paying jobs of the future, Australia needs a genuine growth agenda to improve our competitiveness, increase economic flexibility and drive investment in economic infrastructure and our people.”
Australia is well positioned economically but CEDA maintains that with the right reform it can do better and continue to be successful in the highly competitive global economy.
Professor Martin said the report is part two of CEDA’s 2016 series on economic repair. In March CEDA released Deficit to balance: budget repair options which examined options for repairing the Federal Budget and returning to surplus by 2018-19.
The latest research examines how to repair Australia’s economic structures and drive a growth agenda.
“Australia has undergone significant economic reform in the past which has served us well and ensured our current level of prosperity. However, it is time again to embrace an economic reformist zeal to ensure the next wave of prosperity.”