Conclusion of govt budget and the economy
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The sustained strong performance of the Australian economy over the last decade has meant that Australians are enjoying increased prosperity and wellbeing. The strong performance has been underpinned by a sustained reform effort aimed at improving productivity and labour force participation.
The strong economy, combined with a sound fiscal outlook, presents a unique opportunity to develop and implement a cohesive policy agenda for making even better use of our natural, man-made and human resources, thereby locking in future growth and prosperity. The opportunity should not be wasted because strong growth and sound policies will be the best weapons against the impact of an ageing population and other future known and unknown challenges.
Some of those policies will build on and refine past reforms. Some challenges will take policy into new areas or new directions. In all areas, the challenge is to identify barriers to sustained economic growth and to engage individuals, businesses and governments in implementing appropriate solutions.
The success with which governments implement such policies, and how well individuals and businesses respond to them, will determine the extent to which Australia achieves strong economic growth and prosperity now and over the decades to come.
The strong economy, combined with a sound fiscal outlook, presents a unique opportunity to develop and implement a cohesive policy agenda for making even better use of our natural, man-made and human resources, thereby locking in future growth and prosperity. The opportunity should not be wasted because strong growth and sound policies will be the best weapons against the impact of an ageing population and other future known and unknown challenges.
Some of those policies will build on and refine past reforms. Some challenges will take policy into new areas or new directions. In all areas, the challenge is to identify barriers to sustained economic growth and to engage individuals, businesses and governments in implementing appropriate solutions.
The success with which governments implement such policies, and how well individuals and businesses respond to them, will determine the extent to which Australia achieves strong economic growth and prosperity now and over the decades to come.
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