A massive blueprint of change says Australians could be $7000 better off, but sweeping reforms must be made across the country for that to occur.
Australians would be $7000-a-year richer under a far-reaching economic blueprint including tax reform and boosting women’s participation in the workforce to be launched by the nation’s top businesses.report argues that the country will be left behind by competitors while living standards of Australians will be eroded – unless substantial changes are made to the economy.
Ongoing complacency after years of policy inaction, he warned, would result in Australia losing its position among the world’s largest economies while living standards deteriorated.“If we want sustained wages growth and to maintain full employment, the nation needs a reinvigorated economic growth agenda driven by large-scale investment, higher productivity and greater innovation,” he said.
“We need a co-ordinated, national plan to strengthen our economic resilience and ensure we turn these challenges into opportunities that will deliver greater prosperity, higher wages and improved living standards,” she said.Alex Ellinghausen Ratings agency Fitch last week noted that Australia, along with nine of the other largest economies in the world, was facing a step-down in productivity growth. It said Australia’s potential economic growth rate, above which the country does not face an inflation breakout, had fallen to 2.1 per cent a year.The council’s blueprint argues the slowdown in Australia’s economic growth over recent years would continue without substantial reforms.
Across 10 separate “levers”, the council has proposed reforms starting with a more focused industry policy. It proposes changing the new National Reconstruction Fund to channel its support into a small number of industries in which Australia already has the advantage over other nations.
Italia Ultime Notizie, Italia Notizie
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