12 months of economic reform

Today marks one year since the Economic Reform Roundtable brought together leaders from across the country to shape the long‑term economic future of Australia. We have delivered more economic reform in the year since the Roundtable than in the quarter of a century which proceeded it. The Roundtable helped shape a Budget with the most ambitious tax reform, the broadest productivity agenda, and the most net savings in a generation.

We have been actioning over 60 reforms since the Roundtable, on top of another 60 delivered through our Regulatory Reform Omnibus Bill – totalling around three changes a week on average. The Roundtable covered issues from competition to capital attraction, AI to approvals, from the tax system and innovation to better regulation and the federation. We have made significant and substantial progress in all of these areas, including: The most ambitious tax reform package in 25 years, which cuts taxes for workers again and again, makes it easier to buy a first home, and better aligns the tax treatment of income from work with income from assets.

Cutting red tape and regulatory costs by $10.2 billion a year. Boosting GDP by $13 billion a year through the National Competition Policy, including a national approach to occupational licensing, improving scope of practice for healthcare workers, and improving heavy vehicle regulation. $3.8 billion in new measures that lower taxes for businesses and start‑ups, including making the instant asset write‑off permanent, two‑year loss carry back, loss refundability and expanded incentives for venture capital.

Better targeting the Research and Development Tax Incentive to unlock $400 million in more R&D by young firms each year. Releasing the National AI Plan, establishing the AI safety Institute, and releasing Australian Standards for AI to capture the economic potential of this technology in a way that meets community expectations. Incentivising states and territories to adopt modern methods of construction.

Abolishing almost 500 more nuisance tariffs, bringing the total number of tariffs removed to around 1,000, which is saving businesses $157 million a year. Passing reforms to the EPBC to speed up approvals and fast‑tracking the approval of 35,000 more homes. Putting $2 billion on the table for the Local Infrastructure Fund to unlock 65,000 more homes.

Pausing the construction code and working with industry to simplify it. Strengthening and streamlining the process for foreign investment approvals. Modernising approval processes for offshore resource projects and telecommunication infrastructure.

Reforming the migration points test to attract the higher‑skilled migrants we need. Each of these reforms are key parts of our efforts to boost productivity and economic growth. It has been a big 12 months for economic reform and it wouldn’t have been possible without the contributions and broad consensus at the Roundtable.

The Albanese Government is delivering reform that will make our economy more resilient and productive and our Budget more sustainable over time. A reminder of the Budget’s productivity package can be found on the Ministers website