A long-awaited Economic Roundtable in Canberra tomorrow could improve the Illawarra’s economic output.
The three-day event, headlined by Prime Minister Anthony Albanese and Treasurer Jim Chalmers will bring together leaders from business, unions, politics, and civil society to outline the nation’s future in productivity.
Speaking to reporters last week, Albanese said the economic roundtable talks will be made conservatively.
“The only tax policy that we’re implementing is one that we took to the election,” he said.
While Labor has ruled out massive tax reform such as the GST, they are aware of the benefits surrounding the changes regarding deregulation and construction. Deregulation, such as in housing construction, could be critical for the Illawarra as housing unaffordability continues in the region.
Labour economist at the University of Wollongong, Professor Martin O’Brien, said that he would be open to deregulation, particularly in housing; however, essential safeguards must be in place to preserve heritage-listed buildings.
“If removing government means that we don’t care about heritage building or we don’t care so much about the environment just to get things done quicker, then we’re not going to really end up with better outcomes,” Professor O’Brien said.
“I think what everyone agrees on is that productivity is an issue that looks like it needs addressing … [however], there’s all sorts of different viewpoints.
Business Illawarra director, Coralie McCarthy, said she is also concerned about overregulation affecting small businesses within the Illawarra region.
“I strongly agree that overregulation is slowing economic momentum, and this is particularly acute for small businesses in NSW,” Ms McCarthy said.
“Cutting red tape is consistently one of the top issues raised by our members, who tell us that excessive compliance is crippling their ability to operate and grow.
“It’s actively stopping business growth in our region and crippling businesses.”
While calls for deregulation are in place, green groups such as the Australian Conservation Foundation (ACF) fear that the environment could suffer at the expense of business.
Brendan Sydes, Natural Biodiversity Policy Officer at the ACF, said the views of green groups are essential for the economic future.
“There tends to be a bias towards business and more purely economic voices, I guess, in these sorts of forums without necessarily understanding the importance of having voices for nature and things that underpin our economy around the table,” said Mr Sydes.
