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It brought together Business groups, economists, employers, civil servants and unions, not to forget the Prime Minister Albanese and Treasurer Jim Chalmers.  

A collection of sectors, mining, universities, banking and superannuation, prepared to tackle topics, such as building and construction, taxation and artificial intelligence. 

Three days of discussions, debate and conversations concerned with and aimed at lifting living standards, mainly by boosting productivity. Productivity has stagnated in recent years in Western countries, including Australia. The PM in his opening address, promised to strive for consensus to achieve long-lasting change. Let the forum commence!

Outcome: For struggling small Business it delivered few instant solutions, but the Government has offered support for longer term tax reform and policies to boost Business investment. 

Small Business – Tax Reform

Council of Small Business representative said ‘there is an opportunity to build on the goodwill’ shown at these discussions but there is much work that needs to be done’. 

The Treasurer has left the door open to meaningful changes to the tax system guided by three principles. A fair go for younger generations will be guided by policies that make the tax system simpler and more sustainable while increasing private-sector investment. 

Participants agreed on 10 focus areas and three guiding principles on tax reform, including simplifying and decluttering excess regulation, both seen by small Business as a barrier to economic growth and productivity. Watch this space! 

Housing & Construction 

Cutting red-tape and simplifying housing approvals, was supported by the Treasurer with faster approvals in national priority areas. A pause on National Building Code changes to speed up construction times proposed by the Housing Mousing Minister was welcomed. The ACTU acknowledged it was important to keep improving energy efficiency and called for more support for modular housing. However, concerns were raised by the ACSS that unimplemented reforms could lead to poorer housing quality.  

Workforce Skills Training 

Building an adaptable workforce is crucial, including developing the skillset of Australia’s workforce. The Productivity Commission called for financial incentives for small Business to support this. Participants acknowledged that Businesses needed to play a part in training their workers but how to incentivize employers to do this was divided. Suggestions offered by Business Council Australia proposed charging employers a levy to provide skills, while Business preferred an incentive to attract more apprentices. 

Technology and artificial intelligence formed part of the talks with agreement reached around the need to train workers to adapt to the changing economy, including AI changes. 

Tax and Sustainability 

The last day of the meeting focused on budget sustainability and tax reform. The Government went to the Federal election promising not to make changes but some attendees argued capital gains and negative gearing reform are needed. 

Watch this space for updates! 

Check next month for the Government Housing initiatives, including, changes to the First Home Buyer Guarantee that are effective from 1 October 2025.