Jim Chalmers broadens his economic roundtable list

Jim Chalmers has invited a beefed-up roll call to the government’s economic reform roundtable next month.

Treasurer Jim Chalmers has released a list of invitees for August’s economic reform roundtable in Canberra. Picture: Martin Ollman

You can now listen to The Australian's articles. Give us your feedback.

You can now listen to The Australian's articles.

Jim Chalmers has invited a beefed-up roll call to the economic reform roundtable next month, including billionaire technology entrepreneur Scott Farquhar, Commonwealth Bank chief executive Matt Comyn and superannuation fund chair Andrew Fraser.

With the 48th parliament set to sit for the first time next week, the Coalition is expected to grill Labor over its reform plans after leaked Treasury advice showed recommendations for tax increases.

The Australian understands it is unlikely Labor’s planned tax on unrealised capital gains for high-value superannuation will be put to parliament next week, with the focus on legislation to cut student debts by 20 per cent and to abolish funding for childcare centres failing to meet safety standards.

The maiden speech of more than 30 Labor MPs are expected to be heard over the next two weeks.

The government will push back any economic reform proposals until its three-day roundtable is held next month, with opposition Treasury spokesman Ted O’Brien winning an invitation alongside leaders from business, unions and civil society.

Economists are guessing how far the treasurer is willing to go with his reform agenda, with some suggesting he will draw heavily on a new book Abundance by American journalists that he has praised for their promotion of government intervention to boost productivity.

The Treasurer has broadened his invitation list to include former Treasury secretary Ken Henry, who revealed this week he thought successive federal governments were in breach of the charter of budget honesty and that unless Australia lifted productivity or cut spending, then the government would be left with no option but to increase taxes to repair its budget.

Part of Dr Henry’s complaints surround the need for regulatory reform, which he said has prevented much-needed housing supply from proceeding.

Dr Chalmers has made housing a key priority and stands behind his ambition to create 1.2 million new homes in the next four years. 

Housing is a key pillar in a review by the Productivity Commission due out in draft form in August. The Treasurer has invited the former chief executive of ASX-listed property developer Mirvac, Sue Lloyd-Hurwitz, who now chairs the National Housing Supply and Affordability Council.

So far, the only representative of the states and territories to be invited is NSW Treasurer Daniel Mookhey, who Dr Chalmers has praised for meeting housing supply targets under the National Housing Accord.

Dr Chalmers said the invitees were an “outstanding group” who would help in “building consensus” for reforms that lifted productivity. “It’s an outstanding group of people who we believe will make a big contribution to the future direction of economic reform,” Dr Chalmers said. “They are thought leaders who have been chosen for their ability to make meaningful contributions across a broad range of areas and across each of the three days.”

Mr Comyn has been invited after the bank made a submission to the Productivity Commission suggesting corporate tax cuts were not needed and that there should be a cap on superannuation.

Commonwealth Bank of Australia chief executive Matt Comyn.

Super funds will also have strong representation, with Australian Retirement Trust chair and personal friend of Dr Chalmers, Andrew Fraser, given the chance to put forward proposals.

Dr Chalmers’ controversial plans for unrealised capital gains tax have received some support from industry super funds but some have suggested changes such as indexing the threshold at which the tax kicks in.

The chair of super fund manager IFM Investors Cath Bowtell has been invited, while the independent Member for Wentworth Allegra Spender, who fought elements of the planned super tax, has also been invited.

Former WA treasurer and now board member of Woodside, Ben Wyatt will be in attendance alongside Business Council of Australia chief executive Bran Black, Australian Chamber of Commerce and Industry’s Andrew McKellar, Australian Industry Group’s Innes Willox, and Council of Small Business Organisations of Australia’s Matthew Addison.

Atlassian founder Farquhar, who chairs the Tech Council of Australia, will be in the room when the three-day roundtable begins on August 19 in Canberra.

Atlassian founder and billionaire Scott Farquhar. Picture: Richard Dobson.

The government is calling for the general public to make submissions of budget-neutral tax reform proposals before July 25.

Dr Chalmers has also been pushing for regulatory reform and has invited the chair of Competition Review Expert Advisory Panel Kerry Schott as well as Australian Competition and Consumer Commission chair Gina Cass-Gottlieb.

There will be strong representation from government with Prime Minister and Cabinet Secretary Steven Kennedy, Treasury Secretary Jenny Wilkinson, Productivity Commission chair Danielle Wood and Reserve Bank governor Michele Bullock.

New Treasury Secretary Jenny Wilkinson. Picture: Martin Ollman

Unions will have Australian Council of Trade Unions secretary Sally McManus and president Michele O’Neil attending. Australian Council of Social Service chair Cassandra Goldie has also been invited. Dr Chalmers said more invitations will be issued for participants to attend specific sessions, as the agenda takes shape.