Economic reform roundtable: Commbank boss, teal MP | Australian Markets
The Government has introduced the following invitees to its upcoming roundtable for financial reform, together with business leaders, main traders, and a combine of state and impartial politicians.
The occasion, to be held from August 19 to 21 within the cupboard room at Parliament House, will concentrate on broad reforms to spice up productiveness, strengthen resilience and improve long-term price range sustainability.
The latest invites embody Commonwealth Bank CEO Matt Comyn, Atlassian co-founder Scott Farquhar, and former Mirvac CEO Susan Lloyd-Hurwitz. Also attending are teal impartial MP Allegra Spender, NSW Treasurer Daniel Mookhey, and former Treasury Secretary Dr Ken Henry.
“The latest round of invitees includes expert voices on economic policy, leaders with broad industry and policy experience, and important perspectives from regulators, the public sector and the states,” Treasurer Jim Chalmers stated in a assertion.
“It’s an outstanding group of people who we believe will make a big contribution to the future direction of economic reform. They are thought leaders chosen for their ability to contribute meaningfully across a broad range of areas and over each of the three days.”
The Government had already introduced invites to trade union leaders, peak industry teams and the pinnacle of the Australian Council of Social Service. Attendees can be briefed by Reserve Bank Governor Michele Bullock and Productivity Commission Chair Danielle Wood, with Treasury Secretary Jenny Wilkinson and Prime Minister’s Department Secretary Steven Kennedy additionally attending.
With solely 25 seats on the desk, the occasion can be tightly held, although officers are anticipated to watch from the perimeter. Further session-specific invites are prone to observe, and Treasury is accepting public submissions.
The roundtable comes as Dr Chalmers alerts a willingness to revisit politically delicate points, declaring the Government has a “mandate for change” regardless of not campaigning on tax reform on the final election.
“No sensible progress can be made on productivity, resilience or budget sustainability without proper consideration of more tax reform,” he stated at his National Press Club handle final month.
Dr Chalmers cited intergenerational equity, demographic change and the power transition as drivers of long-term fiscal stress, with persistent deficits of up to $40 billion and ballooning debt and curiosity prices projected over the last decade.
While peak business teams have known as for a 5 proportion level cut to the company tax price, Commonwealth Bank’s Mr Comyn advised The Nightly in June he didn’t consider it was essential to spark business investment.
“Personally, I wouldn’t make changes around the corporate tax,” he stated. “Obviously it would be in CBA’s interests, but I think there are higher priorities.”
Instead, he known as for simplification of the tax system, higher help for small business and innovation, and a shift within the tax burden away from labour and in direction of wealth.
“We’ve got to look at the balance between the imposition on labour versus perhaps on wealth,” he stated.
Mr Comyn welcomed the Government’s shift in focus from short-term inflation control to long-term reform, and urged business leaders to help tough coverage adjustments. “Part of the role of business leaders is to advocate for sensible long-term reforms,” he stated. “We should be encouraging the Government and hopefully making it easier for them to bring those reforms through, because change isn’t easy.”
He famous business lending had grown strongly however that uncertainty remained a key drag on longer-term investment. He stated artificial intelligence held “huge potential” to elevate productiveness—if each companies and staff have been geared up to adapt.
The roundtable comes amid sobering knowledge from the Productivity Commission, which exhibits labour productiveness at its lowest stage in 60 years. Structural price range pressures from an ageing population, decarbonisation and rising public spending are additionally mounting.
Dr Henry’s invitation was issued simply a day after he addressed the National Press Club, the place he known as for sweeping reform of the Environment Protection and Biodiversity Conservation Act. He warned that regulatory delays in approving renewable power and demanding minerals initiatives have been undermining investment and financial resilience.
Of 124 renewable power initiatives submitted below the Act, solely 28 have been authorized or rejected—a bottleneck he stated was “a dead weight” on national productiveness.
Now chair of the Australian Climate and Biodiversity Foundation, Dr Henry additionally highlighted the associated fee of Australia’s declining productiveness, estimating it had left the average full-time employee $500,000 worse off over the previous 25 years.
As the architect of the 2010 Henry Tax Review—most of which stays unimplemented—Dr Henry stated the tax system had develop into more and more unfair, putting a growing burden on youthful Australians via bracket creep and safety of untaxed wealth held by older cohorts.
“Young workers are being robbed by a tax system that relies increasingly upon fiscal drag,” he stated, describing the worsening imbalance as “wilful acts of bastardry.”
Dr Henry stated he had labored carefully with Ms Spender on her tax coverage proposals and attended the Treasurer’s National Press Club handle targeted on productiveness and intergenerational equity.
The full record of attendees thus far is:
- Sue Lloyd-Hurwitz AM, Chair, National Housing Supply and Affordability Council
- Kerry Schott, Chair, Competition Review Expert Advisory Panel
- Matt Comyn, Chief Executive Officer, Commonwealth Bank of Australia
- Scott Farquhar, Chair, Tech Council of Australia
- Cath Bowtell, Chair, IFM Investors
- Ben Wyatt, Board Member, Woodside, and former Treasurer of Western Australia
- Ken Henry AC, Chair, Australian Climate and Biodiversity Foundation
- Andrew Fraser, Chair, Australian Retirement Trust, Chancellor, Griffith University and former Treasurer of Queensland
- Allegra Spender MP, Federal Independent Member for Wentworth
- Daniel Mookhey MLC, Chair, Board of Treasurers and NSW Treasurer
- Gina Cass-Gottlieb, Chair, Australian Competition and Consumer Commission
- Steven Kennedy PSM, Secretary, Department of the Prime Minister and Cabinet
- Jenny Wilkinson PSM, Secretary, Department of the Treasury
Plus these initially invited:
- Danielle Wood, Chair, Productivity Commission
- Sally McManus, Secretary, Australian Council of Trade Unions
- Michele O’Neil, President, Australian Council of Trade Unions
- Liam O’Brien*, Assistant Secretary, Australian Council of Trade Unions
- Joseph Mitchell*, Assistant Secretary, Australian Council of Trade Unions
- Bran Black, Chief Executive Officer, Business Council of Australia
- Andrew McKellar, Chief Executive Officer, Australian Chamber of Commerce and Industry
- Innes Willox, Chief Executive Officer, Australian Industry Group
- Matthew Addison, Chair, Council of Small Business Organisations of Australia
- Cassandra Goldie, Australian Council of Social Service
Stay up to date with the latest news within the Australian markets! Our web site is your go-to source for cutting-edge financial news, market trends, financial insights, and updates on native trade. We present each day updates to make sure you have entry to the freshest data on Australian stock actions, commodity costs, currency fluctuations, and key financial developments.
Explore how these trends are shaping the longer term of Australia’s financial system! Visit us commonly for probably the most partaking and informative market content material by clicking right here. Our rigorously curated articles will keep you knowledgeable on market shifts, investment methods, regulatory adjustments, and pivotal moments within the Australian financial panorama.
