Assessment and recommendations

Australia’s material living standards and well-being compare well internationally. However, continued progress will require adjusting towards broad-based growth in the wake of the peak in the mining boom, coping with population aging and dealing with socio-economic and environmental challenges. The current government, elected in September 2013, is focussing on addressing the structural budget deficit through reducing the pace of spending increases and aims to improve productivity performance through deregulation, infrastructure investment and structural reform (see ). Prominent initial items on the government’s agenda have been the scrapping of a supernormal profit tax on mining companies and the repeal of a carbon tax with proposals to replace this with subsidies to firms for reducing greenhouse gas emissions.

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