Accounting association CPA Australia has voiced its approval of Prime Minister Anthony Albanese’s declaration regarding a productivity roundtable set for August 2025.
This initiative aims to involve the business sector and essential stakeholders in tackling the nation’s productivity challenges.
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CPA Australia Business Investment lead Gavan Ord pointed out that the roundtable represents a positive move towards collaborative problem-solving.
The organisation believes that addressing productivity concerns is vital for promoting economic advancement in Australia.
Ord said: “The roundtable can be successful if it genuinely and openly seeks to explore all options for boosting productivity and improving our economy.
“It therefore must include examining regulatory burden, considering improvements to our tax settings, and exploring how we can boost support for our struggling SME sector.
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By GlobalData“Business will come to the summit armed with goodwill and with the hope the Albanese Government will be ambitious with its productivity agenda.”
In its recommendations to the Productivity Commission, CPA Australia stressed the importance of removing unnecessary regulations that impede economic development.
The Commission has pinpointed 15 key reform areas for further investigation under five productivity inquiries launched by the Albanese Government.
Moreover, CPA Australia has advocated for a thorough examination of the corporate tax framework.
The organisation contends that such a review is crucial for identifying obstacles that may be limiting investment within the Australian economy.
Recent data on economic growth reveals a deceleration, with Gross Domestic Product (GDP) increasing by just 0.2% in the first quarter of 2025.
This represents a decline from the 0.6% growth recorded in the preceding quarter, highlighting the pressing need to address productivity issues.
Ord emphasised that resolving Australia’s productivity challenges will necessitate goodwill and bipartisan collaboration across various sectors, including the political arena.
The effectiveness of the roundtable will rely on a collective dedication to discovering viable solutions.
He said: “Addressing it will require hard work – collective, long-term effort across all sectors, including government, business, unions, education and civil society.
“The solutions sit at all levels of government. A holistic approach must be taken to boost productivity, strengthen and diversify the economy, create jobs and deliver a culture-shift where entrepreneurism is encouraged and facilitated.”
