Economic reform roundtable reveals priorities for climate transition planning

The AICD continues to focus on productivity reform and is also reviewing draft guidance on climate transition planning from Treasury.

Economic Reform Roundtable priorities

Treasurer Jim Chalmers has outlined a set of priority areas for the government following the National Economic Reform Roundtable held from 19–21 August in Canberra. The AICD provided a submission to Treasury in the lead-up to the Roundtable, drawing on input from directors including roundtables with experienced board members. We also continue to engage closely with the Productivity Commission’s five productivity inquiries.

Many of the AICD’s areas of focus have been picked up in the priorities emerging from the Canberra sessions, including the urgent need to tackle regulatory “clutter” holding back innovation and investment.

The Treasurer drew 10 reform directions from the August discussions:

• Progress towards a single national market
• Simplifying trade and reforming tariffs
• Better regulation and cutting regulatory clutter
• Speeding up approvals in national priority areas
• Accelerating home building
• Elevating artificial intelligence (AI) as a national priority
• Attracting capital and deploying investment more effectively
• Building a skilled and adaptable workforce
• Reshaping the tax system
• Modernising government services.

These are all worthy goals, but it is critical that momentum is maintained so that national dialogue turns to action. On that front, we were pleased to see a list of immediate priorities — or quick wins — as concrete next steps listed. These included reducing red tape in the National Construction Code, fast-tracking national environmental laws and term options to reduce regulatory burden from the Council of Financial Regulators.

Also on the fast-track agenda is a “tell us once” regulatory reform bill and accelerating work on Australia’s national AI capability plan.

However, one area where progress was limited was tax reform, where business groups remain concerned about the Productivity Commission’s floating of a cash flow tax. Treasury will lead a government process on tax separately.

The Productivity Commission issued interim reports on each of the five pillars in its overarching productivity review, with the AICD providing submissions during September.

We look forward to continuing to be an active participant in the government’s productivity reform agenda and bringing director perspectives to the table. 

Treasury draft guidance on climate transition planning

Commonwealth Treasury has released draft voluntary guidance for climate-related transition planning for Australian business. The Treasury paper outlines the role of transition planning and provides draft guidance for businesses under four principles — use of global frameworks, supporting domestic decarbonisation, balancing ambition with organisational readiness, and taking a “climate-first, but not only” approach.

The AICD has been engaged with Treasury to ensure alignment with our new director guide, Governing for net zero: The board’s role in organisational transition planning (mrca.pub/45U7LzN). The AICD is also providing feedback on the Treasury paper, highlighting the need for flexibility and proportionality in business guidance. We will encourage greater attention on NFP organisations and recommend the use of case studies from different sectors.

ASX reforms to waiver disclosures

The ASX has announced a new approach to disclosure of waivers by listed entities in a recent compliance update. Currently, the ASX generally publishes details of waivers twice-monthly in the waivers register, with five to eight weeks from granting a waiver to publication. From September 2025, listed entities will be required to release public statements outlining the nature, effect and rationale of any granted waiver within one business day of the ASX granting the waiver (with allowance for confidential or incomplete matters).

Waiver reforms precede a consultation paper, expected in coming months, on a broader review of ASX Listing Rules relating to shareholder approval requirements.

This article first appeared under the headline 'Letting the handbrake off' in the October 2025 issue of Company Director magazine.