CEO Update: Australia is drifting. We need to move faster

Today we released our inaugural State of the Nation report, which tracks how Australia is travelling against CEDA's ambitions and our Progress 2050 goals. Our verdict is direct: Australia is not moving fast enough, and we are drifting on too many fronts.

The evidence is sobering. Productivity growth is weak. Business entry rates continue to fall. Our competitiveness ranking has stalled, as confirmed last week in the latest IMD world competitiveness rankings. Skills and workforce indicators are weakening. Median house values now sit at 8.9 times median incomes. Disadvantage remains entrenched.

While the Government is moving in the right direction in many areas, there is still much to be done, both in implementation and in further reform priorities.

Australia's prosperity has been built on a strong economy that creates opportunity and underpins optimism about our future, working with a social compact that gives people confidence they can get ahead. Both pillars are now under strain, and too few feel connected to the benefits of a strong economy.

Australia's past reforms succeeded because economic dynamism and social outcomes were pursued together. That is the approach needed now, to accelerate reform and turn the strong hand we hold into tangible outcomes for all Australians.

Reigniting business dynamism is the critical enabler of Australia's future economic performance. We have called for a Minister for Business Dynamism to champion this agenda in government and build a strong partnership with the business community. It is not the whole answer, but it would make a real difference.

We also need to renew and strengthen our social compact, based on a clear commitment to a well-funded floor of essential services, combined with targeted investment where it delivers the greatest return.

Later this week these challenges will frame our flagship State of the Nation conference in Canberra. I'm looking forward to the robust conversations I hope it sparks with our political, business and community leaders, as we work to lay the foundations for prosperity for all Australians. It is a cracking program, with the Prime Minister kicking off the conference at Parliament House on Thursday. There are still a few seats for those interested in taking part. I hope see many of you there. 

We also have a strong program of events in the coming weeks, including Building The New Defence-Tech Economy in Adelaide on June 29 and our Queensland State Budget address also on June 29.

I’d also like to welcome new CEDA members Indigitise and Smartgroup.