AUSTRALIA 2020 SUMMIT OUTCOMES
By all reports the most lively of all the Summit gatherings, the economic forum's ultimate consensus was that we aim towards goals for Australian prosperity in which all Australians share - specifically, to increase GDP per capita so that Australia is among the top 5 countries in the world on this measure, with strong, stable economic growth, and to maintain inflation between 2% and 3%.
According to the Australia 2020 Initial Report [1], this stream advocated:
- the creation of single national markets in major areas of economic activity (for example, labour, energy, water, transport and communications)
- the minimisation of overlaps and bottlenecks and improve competitiveness, and
- a clarification of roles, responsibilities and accountabilities between different levels of government
Highlighting the need for a more streamlined approach, this forum expressed concern that our highly fragmented economic structure is curtailing our capacity to grow. Specifically, there are more than 25 areas in which Australia has eight sets of different State and Territory regulations, as well as multiple education and accreditation systems.
Were they on the right track in seeking simplification of our state-based regulatory system? And what does maintaining inflation between 2 and 3% really mean for most Australians?
To read pre-Summit submissions by Open Forum participants, click here [1].