A coalition of 27 groups, including ACAPMA, representing Australia’s small, medium and large businesses, and the investment community have joined forces to work on productivity solutions to improve living standards for all Australians. The groups reach across all parts of the economy and employ millions of Australians.
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. We know that improving productivity is essential to attracting investment, lifting real wages, growing jobs, and ensuring more opportunity for all Australians.
The groups have jointly identified four reform priority areas that will deliver benefits for economic activity across the whole country. The focus areas for reform include:
Kickstarting comprehensive tax reform by appointing a range of stakeholders, including business representatives, for a three-month review, with the support of the Productivity Commission and Treasury, underpinned by principles for tax reform which encourage investment and economic growth.
Reducing red tape through better regulation through a regulatory stocktake and commitment to a 25 per cent reduction in the regulatory burden by 2030, reducing regulatory overreach, uncertainty and duplication, and embedding a pro-growth focus in government decision-making and regulatory culture.
Improving planning and major project approvals by reforming the overarching framework for environmental and planning approvals, coordinating and unifying federal, state, and local planning processes, and creating a national framework for streamlined data sharing.
Boosting investment and innovation by reforming incentives and funding models around research and development (R&D), reinvigorating national infrastructure for R&D collaboration, positioning Australia as a leading jurisdiction for artificial intelligence and emerging technologies, and developing a national strategy to boost Australia’s investment competitiveness.
Looking ahead, this group is also committed to working collaboratively 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.
ACAPMA
