Today I met with my state and territory counterparts in Canberra to progress substantial economic reforms that will benefit all Australians.
Together we advanced our productivity agenda, including a landmark agreement on national competition policy and made progress on our commitment to deliver 1.2 million homes across the country.
The Council on Federal Financial Relations (CFFR) met to agree a 10‑year reform of National Competition Policy that will deliver enduring benefits for Australians, underpinned by the Albanese Labor Government’s $900 million National Productivity Fund.
Productivity Commission modelling shows this reform, which includes Commonwealth and state‑led projects, could deliver a boost to GDP of around $5,000 more for every Australian household, every year, while driving down prices across the economy.
It’s a central part of the productivity reform agenda CFFR is recommending to National Cabinet.
This agenda also includes reform priorities under the 5 pillars of productivity, including regulatory reform to help us deliver the net zero transformation, and strengthening the Report on Government Services to drive productivity improvements in the non‑market sector.
CFFR made progress under the National Housing Accord, with a focus on advancing recent reforms and ongoing work of the states and territories and local governments. We will continue to focus on unlocking labour, land and finance to help all levels of government deliver on the ambitious target of 1.2 million new homes across the country.
Next steps on agreements for hospitals funding and the NDIS reforms were discussed, with work to continue on detailed implementation of the December 2023 National Cabinet agreement.
Treasurers agreed on an extension of the GST No Worse Off Guarantee funding agreement from 2027–28 through to 2029–30, giving states and territories funding certainty so they can continue to deliver the essential services Australians rely on.
Before CFFR meets again next year, Treasuries will develop options to address the declining diversity in economics student cohorts. These steps are important for enhancing the quality of economic debate and policymaking in Australia.
In addition, Treasurers will explore legislative options for a nationally consistent beneficial ownership of trusts regime — to ensure transparency over who owns, controls or receives profits from companies and other legal vehicles.
We are grateful to state and territory Treasurers for their collegiate and frank engagement in this meeting and through regular discussions, and look forward to meeting again in 2025.