The Productivity Commission has called for an overhaul of the tax and immigration systems, an expansion of Labor’s emissions cap and challenged looser wage-setting laws.
The Productivity Commission has called for an overhaul of Australia’s tax and immigration systems, an expansion of Labor’s carbon emissions cap and challenged the Albanese government to loosen wage-setting laws.report released on Friday recommends 71 sweeping changes and warns the country’s recent low rates of productivity growth jeopardise future living standards.
Lifting productivity in the non-market sector, reflecting its unique structure, incentives and culture.The key theme of the report is boosting lacklustre productivity in the labour-intensive services sector, particularly government services, which is becoming a larger share of the economy as the ageing population demands more aged care and health care.“In the absence of productivity growth, the ‘cost disease’ will worsen and spread,” the commission notes.
“If we get policy right — in education, skilled migration and labour market regulation — this could be Australia’s most significant and enduring source of comparative advantage.”Among the 71 recommendations is a call to transition Australia’s tax system to one that invigorates productivity growth. The federal government should also abolish remaining import tariffs, which generate $0.6 to $1.5 in lost economic activity for each dollar they raise.
“The foundational elements of such a mechanism already exit,” commissioners wrote, urging Labor to cut the Safeguard Mechanism threshold for big polluters from 100,000 tonnes of emissions per years to 25,000 tonnes.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Govt ‘more likely’ to ‘reform’ Productivity Commission than the economy: CredlinSky News host Peta Credlin says instead of reforming the economy, the government is more likely to reform the Productivity Commission following the news our national productivity growth is stalling. 'Over the past decade, our national productivity – that's the amount we produce, given the amount we put in – grew by just one per cent a year,' Ms Credlin said. 'That's the worst result in 60 years and just half the annual productivity growth we had in the 1990s, which was a decade of sustained economic reform. 'While the Albanese government certainly agrees with the commission that our national productivity needs to improve, this government wants more union power and influence … more government direction of markets, and more renewable energy, regardless of its impact on the security of the power supply. 'Is it any wonder that one of the Albanese government's innumerable reviews is into the Productivity Commission itself – a body that sees better markets, rather than big government, as the answer to our problems?'
Read more »
Chalmers’ warning: We’ll be 40pc poorer if we don’t lift productivityAustralians will be 40 per cent poorer by 2063 if the federal government is unable to turnaround lacklustre rates of productivity growth.
Read more »
Treasurer flags worrying signs as productivity falls to its lowest in 60 yearsFrom a speech delivered today, Jim Chalmers announced Australia has a productivity problem ahead of a report showing Australia’s productivity has fallen to its lowest in 60 years. 2GB Broadcaster Michael McLaren discusses Treasurer Jim Chalmers’ announcement in Australia having a “productivity problem”. “There’s a broader story, more than just getting more capacity out of each individual,” Mr McLaren told Sky News host Peta Credlin. “That tapers off at a certain level – you can only get so much juice out of a lemon. “In the entire economy, there are many aspects at player here, they all have to be looked at.”
Read more »
Final say on Crown Perth oversight stays with government despite scathing royal commissionWestern Australia's gaming minister defends keeping the final word over who is appointed to the state's Gaming and Wagering Commission, which regulates the casino, as he presents the government's response to last year's royal commission.
Read more »
‘Difficult decisions’: Budget razor comes for Victoria’s human rights agencyVictoria’s human rights watchdog has announced looming job cuts ahead of the May budget and public servants are bracing for further reductions as rising interest costs place further pressure on the state’s finances.
Read more »