NSW kickstarts productivity conversation
The NSW Productivity Commission has taken an important step in shaping the productivity reform agenda for NSW with the release today of an inaugural discussion paper titled Kickstarting the Productivity Conversation.
NSW Productivity Commissioner, Peter Achterstraat AM said the discussion paper identifies key areas that may benefit from reform and help ensure NSW continues to enjoy prosperity for future generations.
“To secure long-term prosperity, productivity growth - working smarter not harder - is one of the most reliable ways to pick up the slack and deliver long-term improvements in living standards,” Mr Achterstraat said.
“The discussion paper aims to kick-start a conversation about how the NSW Government can best support continued growth in living standards in the years ahead.”
NSW has long been the economic engine room for the nation and strong economic management has delivered high living standards for the State’s citizens.
In recent times, economic headwinds have meant that traditional drivers of growth have slowed, and productivity growth has stalled.
Mr Achterstraat said the State also faces future challenges such as technological disruption, environmental change and an ageing population.
The four core aims of the Productivity Commission are:
- Making it easier to do business
- Lowering the cost of living
- Making housing more affordable
- Making NSW the easiest state to move to
With these aims in mind, the Kickstarting the Productivity Conversation paper identifies six priority areas with potential to boost productivity in NSW:
- Building human capital for a modern and evolving economy
- Reliable, sustainable and productive use of our water and energy
- Smart ways to get more from our infrastructure
- Modernising our tax system to help our economy grow
- Planning for the housing we want and the jobs we need
- Forward looking regulation to support competition and innovation.
The Commission welcomes feedback from the wider community and stakeholders on whether the right priorities have been identified and what policy options should be considered.
This feedback will inform the development of a Productivity Green Paper, which will outline policy
options for consultation.
Following a further round of feedback, these options will be refined into clear recommendations for consideration in the Productivity White Paper.
NSW Treasurer, Dominic Perrottet said he was looking forward to seeing the feedback that will be received from Mr Achtersraat’s discussion paper.
“This is a great opportunity for everyone to have a say in shaping our future. Peter Achterstraat has been charged with raising issues and ideas which are important for all of us to discuss and then weigh up whether they will benefit NSW,” he said.
“The challenges we face are not unique to NSW or Australia but we want to lead by example. A more productive NSW will attract talent from other states and secure the future for all citizens.”