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WHAT IS THE ECONOMIC REFORM ROUNDTABLE?
* A three-day event aimed at lifting living standards primarily by boosting productivity, which has stagnated in Australia and other western countries
* Prime Minister Anthony Albanese has promised it will deliver long-lasting change to the government’s economic agenda
WHAT IS PRODUCTIVITY?
* It’s about squeezing more from less, allowing wages to grow and helps build things better and faster, such as homes and clean energy infrastructure
WHY IS IT IMPORTANT?
* Productivity has been in decline since 2016, according to the Australian Bureau of Statistics
* Treasurer Jim Chalmers has said the roundtable will make the economy more productive over time, helping to lift living standards and make people better off
* The summit follows the Reserve Bank Of Australia downgrading productivity growth from one per cent to 0.7 per cent
IDEAS ON THE AGENDA
* Documents leaked before the summit suggest the government will consider cutting red tape to boost housing supply
* The Productivity Commission is calling for reduced regulation for artificial intelligence, while unions are calling for greater protections of workers from the risks of AI
* Proposals for tax reform, including calls from Independent MP Kate Chaney to increase Goods and Service Tax to 15 per cent
* A push from the Australian Council of Trade Unions for a four-day working week.
WHAT ARE SOME CONCERNS?
* Leaked Treasury advice raised concerns that the outcomes of the roundtable have already been pre-determined
* The government has already ruled out large changes to tax like negative gearing. Shadow treasurer Ted O’Brien warned the summit would be a “privileged talkfest” without the chance of meaningful outcome
WHO IS ON THE GUEST LIST?
* About 30 participants including leading economists, employers, business groups, unions and civil society representatives
* Prominent names include Reserve Bank governor Michele Bullock, Productivity Commission chair Danielle Wood, economist and policy adviser Ken Henry, independent MP Allegra Spender and NSW Treasurer Daniel Mookhey
* Some of the sectors represented include banking, universities, mining and superannuation
* The summit will run from August 19 to 21 at Parliament House in Canberra
Rachel Jackson
(Australian Associated Press)
