One Year Isn't Enough: Australia Must Speed Up Economic Reform

The opinion piece argued the biggest impact will be on the budget bottom line. “This will free up funds to repair the structural budget deficit and cut personal income taxes for working Australians,” the author wrote. The article pushed back on claims these reforms would tank property prices or punish savings, saying the effect on housing is overstated.

Beyond tax, the government has introduced an updated National Competition Policy that pays state governments to reform poorly designed regulations – including harmonising occupational licences that limit specialised workers moving across states. Environmental protection laws have been changed to speed up clean energy approvals. To boost housing supply, the government committed to abolishing paywalls for Australian Standards used in building regulation and to pay states to remove rules blocking new apartments and townhouses.

The author said productivity – how effectively labour and capital turn into economic output – is the result of thousands of decisions by workers and companies, not something governments control directly. “But each of these measures should lessen the drag on productivity.”

The piece drew inspiration from New Zealand, where tax officials have been empowered to grapple openly with challenges to the tax system, letting reform plans shape and be shaped by expert opinion. The author argued Australia could use its roundtable to build a fiercer culture of economic reform and open deliberation.

Trust in politicians remains fragile, the author wrote, and the nation’s social compact is under pressure. Leaders across politics, business and civil society need to be candid about the biggest challenges and tackle them head-on. The next federal budget, due in May, will serve as the first major checkpoint on whether the reform sprint can be sustained.