AICD submission to Treasury's Economic Reform Roundtables

The AICD emphasises the need for a mix of practical and ambitious reforms to address Australia's long-term productivity challenges and enhance global competitiveness.

Key Recommendations

1. Economy-wide regulatory stocktake and simplification: The AICD recommends a 25%
   reduction in regulatory costs by 2030, an economy-wide regulatory stocktake, and simplification of the Corporations Act.
2. Accelerate AI capability: The AICD urges the acceleration of Australia's National AI Capability Plan in partnership with industry and the establishment of regulatory settings that facilitate innovation in AI use.
3. Better regulation processes: The AICD advocates for post-implementation reviews of new regulations, reforming Regulatory Impact Statements, and extending the Regulatory Initiatives Grid to an economy-wide view.
4. Develop an Australian business model to boost investment: The AICD suggests developing a national business model framework that maps current sector strengths, identifies emerging high-growth sectors, and outlines long-term capability investments.
5. Reset national education and skills: The AICD highlights the need for a national skills agenda aligned with industry needs, prioritizing national occupational licensing, and improving student literacy and numeracy performance.
6. Secure fiscal sustainability: The AICD recommends establishing a credible medium-term fiscal framework, rebalancing the tax system, and strengthening federal-state fiscal coordination.