Releasing CEDA’s latest research report Australia’s economic future: an agenda for growth, CEDA Chief Executive, Professor the Hon. Stephen Martin said with less than three weeks to polling day, it was vital that both major parties delivered sustainable, holistic plans for how they will drive growth in Australia over the next three years.
“CEDA has identified 10 key areas where action needs to be taken which are: innovation; competition policy; education; workforce participation; infrastructure; fiscal resilience; tax reform; federalism; workplace relations; and climate change.
“Key policy actions under each of these categories are identified that range from long term planning for infrastructure development and removing unnecessary regulation to initiatives to reduce the cost of childcare and the high marginal tax rate families experience when the second income earner seeks to re-enter the labour market following parental leave.
“Encouraging innovation, improving overall education outcomes and introducing competition reform to previously protected areas are other key areas explored.
“To maintain Australia’s economic prosperity and ensure we continue to create high paying jobs of the future, Australia needs a genuine growth agenda to improve our competitiveness, increase economic flexibility and drive investment in economic infrastructure and our people.
“Australia is well positioned economically but with the right reform it can do better and increase the likelihood of continuing success in a highly competitive global economy.
“This CEDA report delivers an important roadmap of priority areas to ensure our future prosperity.”
Professor Martin said the report is part two of CEDA’s 2016 series on economic repair. In March CEDA released Deficit to balance: budget repair options which examined options for repairing the Federal Budget and returning to surplus by 2018-19.
“This latest research examines how to repair Australia’s economic structures and drive a growth agenda,” he said.
“Australia has undergone significant economic reform in the past which has served us well and ensured our current level of prosperity.
“However, it is time again to embrace an economic reformist zeal to ensure the next wave of prosperity.”
Australia’s economic future: an agenda for growth is being launched in Melbourne at noon with speakers including CEDA National Chairman, Paul McClintock AO; Productivity Commission Chairman, Peter Harris; IFM Investors Chief Executive, Brett Himbury; and Infrastructure Victoria CEO Michel Masson. Further information on the launch event is available here.
Read and downloadAustralia's economic future: agenda for growth
Release events for this research will also be held in Adelaide on 20 June, Brisbane on 23 June, and Sydney and Perth on 24 June.
I'm well-versed in economic policies and development strategies. The article you provided delves into CEDA's (Committee for Economic Development of Australia) research report, emphasizing an economic growth agenda for Australia. It highlights ten key areas imperative for sustained growth over the next three years:
- Innovation: Encouraging advancements, research, and technological progress.
- Competition Policy: Introducing reforms to enhance competition within various sectors.
- Education: Improving overall education outcomes to meet future demands.
- Workforce Participation: Addressing barriers to employment and enhancing labor force engagement.
- Infrastructure: Focusing on long-term planning and development of infrastructure.
- Fiscal Resilience: Implementing strategies for a more robust fiscal framework.
- Tax Reform: Restructuring the tax system to ensure fairness and efficiency.
- Federalism: Addressing governance structures and roles between federal and state governments.
- Workplace Relations: Examining and potentially reforming policies governing employer-employee relationships.
- Climate Change: Developing strategies to tackle environmental challenges while promoting economic growth.
The report suggests specific actions under each category, ranging from long-term infrastructure planning and reducing regulations to initiatives such as lowering childcare costs and addressing high marginal tax rates for families re-entering the workforce after parental leave.
CEDA aims to fortify Australia's economic landscape by advocating for a growth-focused agenda that enhances competitiveness, economic flexibility, and investments in both infrastructure and human capital.
Professor Stephen Martin, CEDA's Chief Executive, emphasizes the need for economic reform to sustain Australia's prosperity in an increasingly competitive global economy. The report serves as a roadmap, outlining priority areas to ensure future economic prosperity.
This report follows CEDA's previous research in 2016, focusing on economic repair, and now centers on driving a growth agenda by reshaping Australia's economic structures.
The launch event in Melbourne includes distinguished speakers such as CEDA's National Chairman, Productivity Commission Chairman, CEOs of major entities like IFM Investors and Infrastructure Victoria, indicating the significance of this research and its implications for various sectors of the economy.
CEDA plans to further disseminate this information through release events in other major cities, demonstrating their commitment to engaging a broader audience and soliciting support for these proposed economic strategies.
