Shake up tax, migration, work and energy to lift productivity: report

The Productivity Commission has called for an overhaul of Australia’s tax and immigration systems, an expansion of Labor’s carbon emissions cap and challenged the Albanese government to loosen wage-setting laws.report released on Friday recommends 71 sweeping changes and warns the country’s recent low rates of productivity growth jeopardise future living standards.

Lifting productivity in the non-market sector, reflecting its unique structure, incentives and culture.The key theme of the report is boosting lacklustre productivity in the labour-intensive services sector, particularly government services, which is becoming a larger share of the economy as the ageing population demands more aged care and health care.“In the absence of productivity growth, the ‘cost disease’ will worsen and spread,” the commission notes.

“If we get policy right — in education, skilled migration and labour market regulation — this could be Australia’s most significant and enduring source of comparative advantage.”Among the 71 recommendations is a call to transition Australia’s tax system to one that invigorates productivity growth. The federal government should also abolish remaining import tariffs, which generate $0.6 to $1.5 in lost economic activity for each dollar they raise.

“The foundational elements of such a mechanism already exit,” commissioners wrote, urging Labor to cut the Safeguard Mechanism threshold for big polluters from 100,000 tonnes of emissions per years to 25,000 tonnes.

our skilled migration system is a joke as we r importing too many duds using lawyers n agents We r getting cafe owners manicurist sushi n cha tea shops Even English is not being tested We r printing dozens of lingos for ATO/Centrelink info They need to learn our system

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Govt ‘more likely’ to ‘reform’ Productivity Commission than the economy: CredlinSky News host Peta Credlin says instead of reforming the economy, the government is more likely to reform the Productivity Commission following the news our national productivity growth is stalling. 'Over the past decade, our national productivity – that's the amount we produce, given the amount we put in – grew by just one per cent a year,' Ms Credlin said. 'That's the worst result in 60 years and just half the annual productivity growth we had in the 1990s, which was a decade of sustained economic reform. 'While the Albanese government certainly agrees with the commission that our national productivity needs to improve, this government wants more union power and influence … more government direction of markets, and more renewable energy, regardless of its impact on the security of the power supply. 'Is it any wonder that one of the Albanese government's innumerable reviews is into the Productivity Commission itself – a body that sees better markets, rather than big government, as the answer to our problems?' Productivity has outstripped wages for decades, time to fix that imbalance. You can complain about productivity when workers cannot afford to live. Albo was named in Court by a Labor MP who lied. Ask him about it.
Source: SkyNewsAust - 🏆 7. / 78 Read more »