Governments at all levels in Australia need to carry out drastic productivity reforms and stop relying on the benefits of the mining boom. If labor productivity growth cannot return to the long-term average of 1.5% from 0.7% in the 2012-2019 fiscal year, Australia’s per capita GDP will fall by A$33,000 before 2055, leading to a decline in the living standards of residents.
Achterstraat proposed 56 reform proposals, including: replacing real estate stamp tax with land tax, straightening out corporate land development planning and supervision systems, providing skills training courses, and improving government energy policies. In addition, he also called for better use of tangible assets such as infrastructure, human resources, and intangible assets such as government data.
Achterstraat said the federal government carried out effective productivity reforms in the 1980s and 1990s. Since then, the Australian economy has been dependent on rising commodity prices and mineral exports.
https://www.afr.com/policy/economy/workers-to-lose-33k-a-year-without-reforms-20200818-p55my4