A competitive Australia needs more than words

Already a subscriber?On the eve of The Australian Financial Review Business Summit two weeks ago, our editorial warned that after two decades without any serious policies to revive national productivity, Australia faces a future of mediocre national growth spelled out inThe IGR forecasts that average annual GDP growth will slump to 2.2 per cent over the next 40 years against the 3.1 per cent of the past 40.

Take that together with the re-regulation of the labour market under the Albanese government, and it’s hard to square with what Business Council of Australia chief executive Bran Black says is the need to make Australia more competitive at attracting capital.Dr Chalmers is now out spreading the defining decade message. “The common ingredient in our success … is investment” he told a Parliament House dinner with the BCA under Chatham House rules last week.

The energy challenge is a particularly big investment test for Australia. The country has a natural competitive advantage in clean energy. But it also had a big natural advantage in fossil fuels. The energy transition has to maximise those legacy fuels while we pay the huge bill for phasing them out and replacing them.

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