“The Treasurer’s focus on productivity as critical to the economic and social well-being of Australians is a welcome development,” Ai Group Chief Executive, Innes Willox, said.
“Productivity growth has slowed considerably in recent years and this is a major factor in slower income growth across the community.
“The areas the Treasurer identifies: infrastructure, skills and education, workplace relations and regulatory burdens are ripe with opportunities for real improvements. The challenge now is to turn these areas into concrete policy measures.
“We look forward to working with the Government to assist in developing policies in these areas and others that will deliver long term, sustainable productivity growth which will in turn drive jobs, investment and real wages growth.
“At a time of slowing growth and increasingly choppy international waters, the best way forward for the Australian economy and community is to attack these issues with gusto. The Treasurer deserves congratulations for identifying these issues as government priorities. The next challenge is to follow through.
“While there are particular areas of emphasis for governments in helping to boost productivity, creating the best possible environment for private sector investment and job creation is fundamental. This includes having sustainable budgetary settings, efficient taxation arrangements, strong trade relationships, and being smart about what and how activities are regulated where markets would otherwise fail to deliver socially desirable outcomes,” Mr Willox said.
Source: Ai Group