A hotly anticipated economic symposium has closed out a “promising and productive” first day as Australia’s top minds built consensus on skills, technology and trade.
Discussions around the federal government’s economic reform roundtable were shrouded in secrecy on Tuesday, with attendees not even allowed to bring mobile phones into the cabinet room at Parliament House.
But participants had risen to the occasion, Treasurer Jim Chalmers said.
“The quality and calibre of engagement in the room has been outstanding,” he said.
“It’s been a really promising and productive first day.
“I’m delighted at how specific people’s ideas have been and how constructively participants have worked together.”
During the lunch break, Business Council of Australia chief executive Bran Black reared his head to praise the proceedings.
“I thought that both conversations were really quite constructive and I think the treasurer did a good job in steering the conversation,” he told reporters.
The assessment would be music to the ears of Prime Minister Anthony Albanese, who earlier promised to strive for consensus to achieve long-lasting change.
“Political change, whether it’s in the economy, social policy or the environment, is likely to be more successful and more entrenched and more lasting when people come with us on that journey,” he said in his opening address.
While Dr Chalmers identified reviving stagnant productivity as the roundtable’s main aim, day one of the three-day summit focused on improving Australia’s economic resilience amid increasing global challenges.
Shiro Armstrong, a professor of economics at ANU who addressed the roundtable on global uncertainty, said the mood was “extremely constructive”.
“I think the chairing was spectacular. Everyone had time to talk, nothing was rushed and really collegial between all the different interests,” he told Sky News.
Mr Black said there was consensus around removing more nuisance tariffs after the government abolished almost 500 import levies, including for toothbrushes, dishwashers and menstrual products, in its previous term.
About 300 different nuisance tariffs remained that raised about $15 million in revenue but cost the economy more than $150 million, he said.
Developing the skillset of Australia’s workforce was another focus of the roundtable.
Independent MP Allegra Spender said there was agreement around the need to train workers to adapt to the changing economy, including in using AI.
Participants recognised businesses needed to play a role in training their workers, but there was division on how to incentivise employers to do this.
Unions proposed charging employers a levy to provide skills, Mr Black said, but businesses preferred an incentive for employers to bring on more apprentices.
“We stressed the importance, instead of using the stick of a levy, of trying to incentivise employers with a carrot,” he said.
There were many points of agreement at a top level, but it was important to translate that into agreement on specifics over the three days, Mr Black said.
Reserve Bank governor Michele Bullock delivered a presentation outlining Australia’s declining productivity performance.
Productivity will feature more prominently on the second day, before budget sustainability and tax reform close out the roundtable on Thursday.
Shadow treasurer Ted O’Brien, who is also attending the roundtable, said it was Dr Chalmers’ biggest test since he entered parliament.
“He has made it very clear to the Australian people that he will turn the stats around on living standards,” Mr O’Brien said.
“Australia has experienced the biggest decline in living standards of all developed nations as a direct consequence of this government’s actions.”
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