Stephen Walters, NSW Chief Economist, gave an excellent presentation at EY for the Sydney Financial Forum about the Australian economy and its prospects. Due to strong headwinds affecting energy prices, as well as inflation related to events in the Ukraine and China, he stressed the need for reform to improve productivity. Areas he considered need major reforms are:Tax incentivesEarly learningEmployment of WomenInternational migrationVocational educationEnergy - in ST ensure available supply meets demand. LT make transition to net zeroMake it easier for people to enter the housing marketConnect universities with ideas to possibilities for commercialisationBring more retired people back into the workforce
As Jim Chalmers sets about his job as Treasurer, he is
rightly pointing to the challenges of meeting community expectations in the
face of the current levels of public debt.
For decades our politicians have known that demographic trends
and growing community expectations for services and support have seen cost
projections outpacing those for government revenues but have obfuscated the problem for political expediency.We need to come together as a community and face economic
reality and agree on reasonable expectations for the services we require from the
government and how we will pay for these.