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Aust'n economic think tank identifies 10 areas vital to growth

Xinhua, June 14, 2016 Adjust font size:

Australia needs to focus on 10 key areas to ensure continued economic growth, according to a report released on Tuesday.

The report, from the Committee for Economic Development of Australia (CEDA) -- the country's leading independent economic think tank -- identified the 10 areas as innovation, competition policy, education, workforce participation, infrastructure, fiscal resilience, tax reform, federalism, workplace relations and climate change.

It comprises the second part of CEDA's 2016 series on repairing Australia's economy.

CEDA CEO Professor Stephen Martin said with Australia's federal election fast approaching it was vital that both parties provide sustainable plans for Australia's economic growth.

"Encouraging innovation, improving overall education outcomes and introducing competition reform to previously protected areas are other key areas explored," Martin said in a media release issued on Tuesday.

"To maintain Australia's economic prosperity and ensure we continue to create high paying jobs of the future, Australia needs a genuine growth agenda to improve our competitiveness, increase economic flexibility and drive investment in economic infrastructure and our people.

"Australia is well positioned economically but with the right reform it can do better and increase the likelihood of continuing success in a highly competitive global economy."

The report said that durable future-proof economic policy has allowed Australia to maintain a good economic position through extreme circumstances.

"The nation's economic expansion has not occurred by chance alone but due to robust policy settings that enabled and incentivised the nation to respond to a range of extreme and sometimes hostile circumstances," it said.

"The country has also managed to digest the most sustained and pronounced mining boom in its history through appropriate economic incentives and effective management of fiscal monetary policy."

Australia's gross domestic product (GDP) as of 2013 is 1.56 trillion U.S. dollars compared to a gross debt of 300 billion U.S. dollars as of January 2016. Endit