The Council on Federal Financial Relations (CFFR) met today in Canberra to discuss how Australia’s governments can continue to work together on issues of national economic significance to drive future growth and improve the living standards of all Australians.
Treasurers provided an update on the economic and fiscal outlook at the Commonwealth and State levels and agreed to commit to policy action to meet the challenges and opportunities of a rapidly changing world.
Treasurers also had a comprehensive discussion on the current state of the housing market and agreed that housing affordability, particularly in Sydney and Melbourne, is an important issue that requires further action by all governments. Treasurers have asked Heads of Treasuries to report back to the next Council meeting on potential options to improve housing supply and affordability.
Treasurers also considered:
- A draft Intergovernmental Agreement on Competition and Productivity Enhancing Reforms (IGA) and agreed to present the Agreement to leaders for their consideration at the COAG meeting being held next week.
- The Affordable Housing Working Group’s report and agreed to the report’s recommendations, in particular the establishment of a bond aggregator taskforce. The taskforce will design a bond aggregator model and report to Heads of Treasuries by mid-2017.
The Council also began a discussion on the shared challenges of digital disruption and how jurisdictions are approaching digital transformation initiatives and the impact on the revenue base.
The Council noted the progress that has taken place in relation to implementing the workplace and motor vehicle accident streams of the National Injury Insurance Scheme.
This was a productive meeting and I thank all of the Treasurers for their valuable contributions.
The Affordable Housing Working Group’s report is publicly available at the Treasury website.