Treasurer Jim Chalmers has warned that without a lift to Australia's productivity levels, Australians will work two hours more a week just to maintain living standards.
The commission called on the federal government to double down on its "demand-driven model" for providing Commonwealth-supported places to domestic university students to better align courses with skill needs.New light is being shed on migration to post-COVID Australia. Here are the key takeaways
Adapting to climate change and achieving net zero at least cost has also been flagged as a high-level objective.The commission backed theas the best way to drive down emissions and recommended progressively tweaking it to cover a wider range of sectors. There are also several recommendations aimed at boosting competition and dynamism across the economy, including reforming planning and zoning regulations so they are not "unduly restrictive" and moving towards a nationally consistent road user charging system.
"Future productivity growth in Australia relies crucially on getting better productivity across the services sector," the report says.Treasurer Jim Chalmers said not all of the report's recommendations would be implemented but most aligned with his government's values and priorities. Addressing the Committee for Economic Development of Australia in Brisbane, he said Australians would also be earning incomes that are 40 per cent lower if productivity growth doesn't improve.The Australian Chamber of Commerce and Industry welcomed the report and urged the government to implement the recommendations.
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