Top economists, business leaders and unions are set to gather in Canberra for the three-day productivity summit.
Treasurer Jim Chalmers has called upon those attending the summit to come up with “concrete” ideas to help turbocharge the economy.
Chalmers said he will urge participants to focus on three objectives: making the economy more productive to lift living standards, measures to sandbag Australia’s economy and repairing the budget.
"Global uncertainty surrounds us, big economic challenges confront us, and our ambitions must meet this moment," he is expected to say.
"Our progress in the near term … gives us the time and space to attend to the bigger, more persistent structural issues."
This comes as Australia’s productivity rate continues to fall.
According to the Australian Bureau of Statistics (ABS), the long-term 20-year average growth rate fell to 0.9% in 2022-23. This is a 1.2% fall from 2021-22 and a 1.8% drop from 2003-04.
The Reserve Bank also forecasts a downgrade of productivity growth, down from 1% to 0.7% last week.
Other important items on the table include NDIS reform, due to its rapid growth in the federal budget and a potential EV road user charge.
Annual costs for the NDIS are set to reach A$64 billion in 2029, becoming the third most expensive item in the budget.
