How Jim Chalmers’ ‘boardroom blitz’ roundtable kicked off

Treasurer Jim Chalmers after weeks of accumulation subtract The government’s targets for the three -day economic reform round table that started on Tuesday:

Most importantly, to make our economy more productive over time, because this is the best way to remove these standards and make people better. To make our nation more flexible in a more controversial world. The third is to build on the budget repair we have started to make it more sustainable.

Chalmers said that the discussions would probably be informed of what the 1970s inspired Glam Rockers. Sweet“Board of Directors Blitz”. This includes business leaders, union leaders, more than 40 ministries round table meetings and about 900 applications from all over the country.

Looking for concrete ideas

In his statements on Tuesday, Chalmers emphasized the need for “concrete ideas olmayan that does not contribute to the cost of the federal budget.

The closed -door round table brings together about 25 jobs, unions, pension and civil society representatives, as well as existing and existing Treasury secretaries.

“Flexibility” was the theme of the first day. Treasure explains This flexibility helps the economy to be based on deterioration and shocks, whether the economy comes from trade, technology or climate effects.

Michele Bullock, Governor of Reserve Bank, in the opening words, emphasized International winds facing the internal economy. His speech was not published, but we can get an idea about the concerns of the Reserve Bank from the latest conversations made by the Deputy Director, Andrew Hauser:

The tectonic plates of the global economic system are once again in the flow because free trade returns, geopolitical alliances have changed, accelerating climate change and productivity increased slowing down in most developed countries.

Currently, there are absolutely important cuts to test our flexibility. In a briefing article, the Treasury states that the global economic appearance is very uncertain.

The Treasury is too polite to connect this uncertainty directly to US President Trump’s irregular policies. However, he refers to the “New Discriminator Trade Policies – and his source is President Trump.

The price of gold, which is usually a commodity, is close to the record level.

Five economic difficulties

Drawing on 2023 International ReportThe Treasury fits the five great forces that reshape the Australian economy:

• Global disintegration: Australia will be particularly vulnerable if the US, which will almost stop the US exports to the United States, is currently threatening to impose the tariffs it is threatened to China. China would later have less demand for Australian coal and iron ore. Chinese accounts For one third of our exports.
• Aging Population: This will increase the government’s expenditures on health, elderly care and pensions while reducing tax income.
• Changes in the Economy: As the services sector becomes a larger part of the economy, it becomes difficult to improve (and measure) productivity.
• Rapid changes in technology: Adoption of artificial intelligence will increase productivity for some workers, but will replace others. If used well, it can make society richer and increase the demand for work it cannot do.
• Transition to Renewable Energy: The emergence of the economy from carbon will create new jobs while reducing the demand for others.

During Efficiency performance Poor, in other ways, Australia has dealt with the latest economic difficulties well.

Inflation is back 2-3 % target range. Employment reached The biggest share Working age population. Unlike most wealthy countries, the Australian economy has not made a contract in any quarter since Covid stagnation.

Yesterday, the second session discussed the recognition of skills, including immigrants.

Australian Industry Group General Manager Innes Willox, participating in the round table, comment:

People with unrecognized qualities, immigrants or people who try to transfer between states or even between professions – a big problem there. There is an agreement that we need to work on it very quickly to take advantage of the people we have here.

Results may take time

You have a treasurer named Round Table “Three days to inform the next three budgets”. So we must be patient to see the results. The government may want to take some measures to the next election to secure an authority before it is implemented.

Where we can see faster action, they are areas where there may be two -party support, such as reducing the regulations that delay the construction of new houses. This would be consistent with Chalmers’s praise to the last book PlentyAn important theme here.

This piece was first published Speech