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This is the background report on Government capacity to assure high-quality regulation in Australia. It provides more indepth information to Chapter 2 from the publication Australia 2010: Towards a Seamless National Economy.
This review presents a general picture, set within a macroeconomic context, of regulatory achievements and challenges, including regulatory quality at the Commonwealth level as well as across levels of government, competition policy and market openness.
Competition is now robust in many sectors but product market barriers remain high overall, which may hold back growth over the longer run.
Productivity growth has declined since the late 1990s, slowing the catching-up process. Structural reforms to strengthen competition, entrepreneurship and innovation would go a long way toward enhancing it.
Israel is supporting its business sector and promoting competition in similar ways to many OECD countries, but there is room for improvement.
The comparatively large magnitude of the losses of the two largest banks of Switzerland in relation to capital has underscored the systemic risks to the economy posed by the institutions’ size relative to Swiss GDP and their extensive cross-border and cross-currency activities.
Living standards in Ireland will remain high, despite the severe contraction, but stronger structural policies would encourage sustainable long run growth.
As attention shifts to fiscal consolidation, sustaining output growth will depend increasingly on private domestic demand, requiring reforms, particularly in the labour market and the non-manufacturing sector.
Why are some policy reforms implemented while others languish? This new report aims to answer this important question by looking backwards -- at 20 structural reform efforts in 10 OECD countries, during the past two decades. This page presents the principle messages of the study.