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Fourth wave of reform to increase competition in Asian Century
Seamless National Economy reforms will amount to a "fourth wave of national reform" and support Australia's competitiveness in the Asian Century, the Council of Australian Governments' reform council chairman John Brumby has told a symposium in Melbourne.
Brumby told a Committee for Economic Development of Australia (CEDA) audience that Australia urgently needed to prepare its industries and people to be Asia-literate to remain competitive in the Asian Century.
It was necessary to innovate as fierce competition with other nations heated up for the opportunities emerging from the Asian Century.
Three waves of reform over three decades had progressed the economy but more could be done, he said.
"The simple unarguable reality is that much of the world around us in our region has been pedalling faster — our progress has been satisfactory but theirs has been outstanding," he said, which was why it was important to complete this "fourth wave of reform".
Brumby said 15 regulatory reforms were long overdue or at risk of delay, while eight were in danger of not even being completed.
He cited directors' liability, occupational health and safety, mine safety and chemicals and plastics as four areas of particular concern.
Estimates from the Productivity Commission found that the reforms could reduce businesses costs by $4 million per year and increase government revenue by around $6 billion per year after a period of readjustment, Brumby said, adding he hoped Governments would collaborate to complete the changes.
"Not only because of the $200 million in reward funding but because national objective number six identifies microeconomic reform as crucial to our success in the Asian Century," he said.
Australian students were being left behind by their counterparts in Hong Kong, Singapore and Taiwan, according to Brumby, while Australia's Year 12 attainment rate was in danger of not meeting COAG's 2015 target.
The students who would determine the rankings in 2025 started kindergarten this year, which meant a concerted effort and strong commitment were needed to see them through, Brumby said.
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