English, PDF, 100kb
This country note from Going for Growth 2017 for Australia identifies and assesses progress made on key reforms to boost long-term growth, improve competitiveness and productivity and create jobs.
Further structural reform is required to raise productivity growth through a better climate for business and stronger R&D outcomes.
This review particularly recommends shifting away from income taxation to indirect taxation, for instance by raising more revenue from the Goods and Services Tax.
The government’s current review of the federal system, focusing on both spending and tax responsibilities, is welcome, as is the “whole of government” approach to the process.
English, PDF, 93kb
This country note from Going for Growth 2015 for Australia identifies and assesses progress made on key reforms to boost long-term growth, improve competitiveness and productivity and create jobs.
Leaders of the G20 countries meeting at their Summit in Brisbane, Australia, have called on the OECD and IMF to monitor their commitment to boost economic growth and create jobs.
We must be careful to ensure that G20 growth strategies not only boost growth and jobs, but also address inequalities. This requires win-win policies that combine strong economic growth with improvements in all those aspects of life that matter for people’s wellbeing – good health, jobs and skills, and a clean environment, security, civic engagement, work-life balance, etc...
The G20 needs to go structural, social, and green! With fiscal and monetary policy room nearly exhausted, structural reforms are the best choices, sometimes the only choice. The OECD battle cry in this regard has been unchanged since 2008: “go structural!”.
Australia has recently seen a slowdown in growth, with declining resource-sector investment, weak commodity prices and hesitant investment elsewhere in the economy, although the exchange-rate depreciation is helping the economy to adjust.
Australia has weathered the global economic crisis relatively well and enjoyed robust growth in per capita income, fostered by favourable terms of trade and high employment rates. However, productivity gains have slowed in recent years and the level remains below that of leading OECD countries.