Industry-Innovation-and-Competitiveness-Agenda

y improving regulatory certainty, to reduce the regulatory burden on business
(particularly small business), community organisations and individuals;
‒‒
improving tax settings for productivity, international competitiveness and economic
growth;
‒‒
improving incentives to work, including through the interaction of the tax and
transfer systems; and
‒‒
improving incentives to save.
• The Government will cut the company tax rate by 1.5 percentage points to 28.5 per cent,
consistent with the Government’s election commitment and provisions made in the
2014-15 Budget.
Increasing domestic and international competition
The Government will further open our economy to domestic and international competition
and investment to improve access to high-quality, low-cost goods and services. This will
benefit consumers and enhance the competitiveness of businesses that rely on these goods
and services as inputs. Greater competition within Australia will also provide incentives for
domestic producers to innovate and lift their productivity, while greater market access will
enable exporters to achieve global scale.
Actions already taken:
• Concluded Japan and South Korea trade agreements, which will reduce import costs and
improve our export market access.
• Endorsed, with State and Territory Trade and Investment Ministers, five priority areas
where governments will collaborate to attract and facilitate foreign investment in Australia:
agribusiness and food; major infrastructure; tourism infrastructure; resources and energy;
and advanced manufacturing, services and technologies.
• Appointed investment specialists to Austrade to facilitate foreign direct investment projects
to support these foreign investment priorities.
Actions to come:
• The Government will continue to work towards concluding a free trade agreement with
China that boosts trade and investment and builds upon our strong and rapidly growing
economic relationship.
• The Government will consult with industry to co-design a ‘trusted trader’ programme to
streamline customs procedures, including through reduced paperwork and inspections for
trusted exporters and importers, to allow them to get their goods to market faster. The
Government will work with other governments to facilitate trade through international
trusted trader arrangements, consistent with the B20 recommendation for practical trade
facilitation through cuts to red tape.
Industry Innovation and Competitiveness Agenda
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Executive Summary
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