Incentive payments would be complemented by broad-based tax reform that reduced reliance on income and company taxes, and increased GST revenue.
Reform-shy states and territories would be given performance payments to overhaul productivity-stymying regulations and tax policies, under a landmark policy agenda being urged by the Business Council of Australia.
That call comes just days after the Albanese government announced $3 billion in “performance bonuses” for states and territories to accelerate land release and overhaul planning and approvals processes as part of a push to “Though the history of our nation, 80 per cent of our improved living standards have been achieved by following this simple proposition and there is no reason to believe we’ve reached our limits.”On Thursday, Treasurer Jim Chalmers is due to release his first Intergenerational Report, which will map Australia’s trajectory 40 years into the future.
“The patchwork of regulation across Australia is discouraging investment and the ability to be more dynamic. It adds significant costs to businesses operating across multiple jurisdictions, prevents new firms and stops companies growing and trading across state lines or overseas,” the BCA said.
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