Industry-Innovation-and-Competitiveness-Agenda

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Co In Industry Innovation and Competitiveness Agenda TPO00007 to the public sector not the private for their future. The Government aims to help restore the balance by freeing businesses and consumers of burdensome government constraints and encouraging excellence, not dependence. The Government has begun with the urgent task of getting the Budget back under control, so as to restore business and investor confidence that the Government will live within its means without debt and taxes spiralling. The Government will continue to work toward that goal. The Government has also advanced other reforms to boost competitiveness and productivity. For example, it has extended trade liberalisation through trade agreements with South Korea and Japan, held the first ‘repeal day’ to cut red tape, and set in train significant new investment in public infrastructure. We recognise that much more needs to be done. This is why we are now announcing further reforms and proposals to lift competitiveness. It is also why we are instituting a number of longer-term processes looking in detail at taxation, the Federation, the financial system, competition policy, workplace relations, energy, agriculture and the development of northern Australia, among other issues, to provide roadmaps for further productivity-enhancing reform. The fundamental aim of the Government’s Economic Action Strategy is to provide a competitive environment that allows businesses to create the jobs and prosperity needed for strong, secure communities and to maintain high living standards in Australia. This will also provide the capacity to address genuine social and environmental needs in ways that can be sustained in the future. The Competitiveness Agenda As a key business-focused element of the Economic Action Strategy, the Industry Innovation and Competitiveness Agenda brings together and builds on the Government’s other economic reform efforts to make the most of Australia’s strengths and business opportunities. Through the Competitiveness Agenda, the Government aims to achieve four overarching ambitions: • a lower cost, business friendly environment with less regulation, lower taxes and more competitive markets; • a more skilled labour force; • better economic infrastructure; and • industry policy that fosters innovation and entrepreneurship. The specific actions the Government will undertake through the Competitiveness Agenda are summarised below and detailed in Part B of this report. Major new reforms that the Government will initiate this term are outlined in Box 1. vi Industry Innovation and Competitiveness Agenda
Box 1: Key Initiatives • Encourage employee share ownership (Proposal 15, page 76) • Establish Industry Growth Centres (Proposal 13, page 72) • Reform the vocational education and training sector (Proposal 10, page 52) • Promote science, technology and mathematics skills in schools (Proposal 9, page 51) • Accept international standards and risk assessments for certain product approvals (Proposal 1, page 31) • Enhance the 457 and investor visa programmes (Proposal 11, page 55 and Proposal 12, page 56) The reforms and proposals draw on advice from the Prime Minister’s Business Advisory Council; departmental reviews and consultations with businesses and the community; and economic research and advice from bodies such as the OECD, the World Economic Forum and the Productivity Commission. Some initiatives have already undergone extensive consultation and development and will only require fine-tuning as they are implemented. Other proposals will require significant further consultation and analysis to ensure that we are on the best path forward and to prioritise our reform efforts. Our aim is to progressively finalise and announce additional competitiveness initiatives, consistent with our steady and purposeful approach to government. The timing of these and other key economic initiatives is outlined in Part C. Lifting competitiveness will be an ongoing challenge, and further reforms to promote the Competitiveness Agenda’s four ambitions will be developed over the longer term, drawing on further consultation with business and lessons from the implementation of the initial measures. The Competitiveness Agenda will support and reinforce Australia’s G20 growth strategy. The world’s major economies have committed to undertake ambitious reforms with the goal of lifting collective G20 GDP by more than 2 per cent above the current trajectory over five years. G20 member countries’ growth strategies will be announced in November 2014 at the G20 Leaders’ Forum and will focus on reforms in investment and infrastructure, trade, competition, employment and participation. As G20 president, Australia will show leadership in pursuing a new wave of economic reform. Industry Innovation and Competitiveness Agenda In Co TPO00007 Executive Summary vii
Page 1 and 2: Industry Innovation and Competitive
Page 3 and 4: Industry Innovation and Competitive
Page 5 and 6: Foreword Strengthening Australia’
Page 7: The Government’s economic vision
Page 11 and 12: Ambition 1: A lower cost, business
Page 13 and 14: y improving regulatory certainty, t
Page 15 and 16: Ambition 2: A MORE SKILLED LABOUR F
Page 17 and 18: ecommendations of an Independent In
Page 19 and 20: Ambition 3: BETTER ECONOMIC INFRAST
Page 21 and 22: Ambition 4: INDUSTRY POLICY THAT FO
Page 23 and 24: Part A THE CASE FOR REFORM
Page 25 and 26: Chart 1: The growth of emerging Asi
Page 27 and 28: The changing global economic landsc
Page 29 and 30: Chart 5: Overseas investment 2,500
Page 31 and 32: United States, Japan and the United
Page 33 and 34: Box A1: Industries with promise 1.
Page 35 and 36: 6. Innovative pharmaceuticals, biot
Page 37 and 38: Many of our competitors have recogn
Page 39 and 40: • Better management practices - w
Page 41 and 42: including on Energy, Taxation, Agri
Page 43 and 44: Part B THE REFORM AGENDA
Page 45 and 46: competition with private businesses
Page 47 and 48: More generally, while there is a ca
Page 49 and 50: Ambition 1: A lower cost, business
Page 51 and 52: The Government’s Deregulation Age
Page 53 and 54: Further Proposals Proposal 1: Accep
Page 55 and 56: whether coverage by a single nation
Page 57 and 58: The Government is committed to a be
Page 59 and 60:
Improving access to high-quality, l
Page 61 and 62:
services and technology. These alig
Page 63 and 64:
The Government considers that Austr
Page 65 and 66:
The Government is focused on promot
Page 67 and 68:
Ambition 2: A more skilled labour f
Page 69 and 70:
A number of the other themes raised
Page 71 and 72:
Vocational education and training t
Page 73 and 74:
Further proposals Proposal 9: Incre
Page 75 and 76:
• managing the administration of
Page 77 and 78:
The Government will continue to ens
Page 79 and 80:
• introduce a Premium Investor vi
Page 81 and 82:
a right to access workplaces includ
Page 83 and 84:
Ambition 3: BETTER ECONOMIC INFRAST
Page 85 and 86:
Increasing public investment in eco
Page 87 and 88:
Alongside this work, the Government
Page 89 and 90:
To leverage private investment, the
Page 91 and 92:
Austrade provide reliable informati
Page 93 and 94:
and senior Cabinet Ministers to pri
Page 95 and 96:
• taking practical steps with gov
Page 97 and 98:
However, we face challenges in turn
Page 99 and 100:
Employee Share Schemes (ESS) are us
Page 101 and 102:
Example: Making it easier for emplo
Page 103 and 104:
Proposal 16: Crowd-sourced equity f
Page 105 and 106:
PART C: IMPLEMENTING OUR ECONOMIC A
Page 107 and 108:
Many of the drivers of competitiven
Page 109 and 110:
Table 3: Consultation pathways Refo
Page 111 and 112:
Reform Consultation pathway Project
Page 113 and 114:
Abbreviations AND References
Page 115 and 116:
INSEAD KPMG LNG PAYG NCC NCVER NICN
Page 117 and 118:
ABS. (2014j). Labour Force, Detaile
Page 119 and 120:
Business Council of Australia. (201
Page 121 and 122:
Department of Infrastructure and Re
Page 123 and 124:
Lignier, P., Evans, C., & Tran-Nam,
Page 125 and 126:
Prime, P. B. (2012). Utilizing FDI
Page 127 and 128:
United Nations Food and Agriculture
Page 129 and 130:
© Commonwealth of Australia 2014 9
Page 131 and 132:
Co In Industry Innovation and Compe
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