ISCOVER
Possible changes to tax and planning approvals look set to be among the key talking points at the government’s Economic Reform Roundtable next week.
Prime Minister Anthony Albanese has hinted that regulatory changes would boost planning approvals and help the government get back on track to meet its target of building 1.2 million new dwellings by 2029.
Ahead of next week’s Economic Reform Roundtable, hosted by Treasurer Jim Chalmers and focused on boosting productivity, Prime Minister Albanese said more action was needed to accelerate the construction of new homes.
Speaking on ABC AM with Sabra Lane, he said: “We’re looking at areas including regulation… including of course, better planning approvals.
“One of the things that is holding up our progress towards the 1.2 million new homes that we’ve committed to by 2030 is planning approvals.
“And we’re working with states and territories to clear that backlog. And one of the things that has happened as a result of the convening of the roundtable is that ideas are coming forward.”
Housing is likely to feature heavily at the roundtable, with leaders across business, government, and industry set to discuss reforms that could reshape policy.
The HIA and the Mortgage and Finance Association of Australia (MFAA) have already made submissions urging reforms to boost productivity and alleviate housing pressures.
In its submission to the Productivity Commission’s five inquiries on boosting Australia’s productivity, which will inform the roundtable, major lender Commonwealth Bank of Australia (CBA) also called for policy reforms to address housing affordability.
‘Shake the tree’ for more ideas
On Tuesday, the Reserve Bank of Australia (RBA) lowered its forecast for future productivity growth, the first downgrade by the central bank since the pandemic.
That may add pressure to Chalmers to show that the Labor government is working to boost flagging productivity levels.
Tax is likely to feature prominently as a focus area next week, with suggestions for reforms including cutting the company tax rate, expanding the goods and services tax (GST), and abolishing stamp duty and payroll taxes.
Regulation, including rules around AI, is also set to be discussed.
On Wednesday, Chalmers told ABC’s RN Breakfast: “We have an ambitious agenda that we’re focused on delivering and this Economic Reform Roundtable is a good opportunity to shake the tree for more ideas in our economy.”
What’s on the agenda?
Held at Parliament House in Canberra from 19–21 August, the event will include experts on economic policy; leaders with industry and policy experience; and representatives from regulators, the public sector, and the states.
The agenda for the three days is:
Day 1 – Resilience
- Presentation – Some perspectives on productivity trends by RBA governor Michele Bullock
- Session 1 – International risks, opportunities, and trade
- Session 2 – Skills attraction, development, and mobility
- Session 3 – Capital attraction and business investment
Day 2 – Productivity
- Presentation – Productivity and reform by Productivity Commission chair Danielle Wood
- Session 1 – Better regulation and approvals
- Session 2 – Competition and dynamism across the federation
- Session 3 – AI and innovation
Day 3 – Budget sustainability and tax reform
- Presentation – Role of budget sustainability by Treasury Secretary Jenny Wilkinson PSM
- Session 1 – Efficient and high-quality government services, spending, and care
- Presentation – A better tax system by Grattan Institute CEO Dr Aruna Sathanapally
- Session 2 – A better tax system
[Related: Corporate tax cuts backed by Productivity Commission]
JOIN THE DISCUSSION