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28 November 2024

Legislative change to reform Australia’s economy

The Albanese Government has this week passed 11 Treasury bills through the Senate to help build a stronger economy, stronger budget, and more modern and effective economic institutions.

This is a very big week of progress, delivery and getting things done. This is one of the most significant weeks for economic reform in years.

In just one week the Senate has passed legislation to:

  • Progress tax reform to build more homes to rent, ensure multinationals pay their fair share of tax in Australia, and strengthen multinational tax transparency.
  • Codify the objective of superannuation.
  • Enact our Future Made in Australia agenda, to help make our workers and communities the big beneficiaries of the global shift to net zero.
  • Implement the biggest reform to the mergers regime in almost 50 years, as part of a new wave of competition policy which is all about making our economy more dynamic and productive.
  • Lock in reforms to modernise the Reserve Bank.
  • Boost consumer protections for Buy Now Pay Later products.
  • Get Australians a better deal at the checkout and back our hardworking farmers who supply to our supermarkets.

All of this shows we can maintain a primary focus on inflation and the cost of living while we keep the economic reform wheels turning.

Our economic strategy is relief, repair and reform. We’ve made big progress on cost‑of‑living relief and budget repair and this week we’ve made big progress on reform as well.

This reform agenda is about modernising our economy, managing pressures, and maximising our advantages.

It’s a big part of how we’re building a more dynamic, competitive and productive economy powered by cleaner and cheaper energy; indispensable to the global net zero transformation; where we teach and train our people to better adopt technology, and where capital flows more efficiently and effectively.

The Coalition has vacated the field on the economy.

Time and again, they have opposed the progress we are making this week and now deep into the third year of a three‑year term they still don’t have any costed, credible or coherent economic policy alternatives.