The Albanese Government has signalled its intention to focus on boosting the nation's sluggish productivity during this parliamentary term. Treasurer Jim Chalmers is kicking things off with an Economic Reform Roundtable at Parliament House in August. The roundtable will bring together a small cohort of senior leaders from business, unions, industry, and government with the aim of building consensus ways to improve productivity, economic resilience and strengthen budget sustainability.
In his speech to the National Press Club in June, the Treasurer outlined the Government's productivity agenda, which includes creating a more dynamic and resilient economy, as well as delivering quality care more efficiently. "The roundtable will be about shaping the direction for long term economic reform. Building consensus on national reform priorities for this term of government and beyond. And setting out some guiding reform principles and next steps to advance the agenda well beyond the roundtable itself," Treasurer Jim Chalmers said.
We know Australia's life sciences industry is central to the country's productivity, health security and the health and wellbeing of all Australians. Our industry has unparalleled potential to develop, commercialise and manufacture medical innovation to drive better health outcomes. Unfortunately, in some cases, Australia is leaving economic and health benefits on the table.
Despite our strengths and potential, sometimes Australian health innovators need to make the difficult business decision to leave Australia's shores to further develop and commercialise their innovations overseas. This means Australians are waiting longer to access new health technologies than people in other countries – or missing out entirely.
Having the right policy settings in place to create a high-performing life sciences industry is critical to unlocking the health and productivity gains from our sector. That's why AusBiotech's Government and Policy team are strongly advocating to Government that the contribution of our industry must be recognised and valued, as the Treasurer and his Cabinet colleagues chart an economic path forward for the nation.
A key part of our advocacy to Government is the need for the establishment of a Life Sciences Council to inform a whole-of-government approach to health innovation across the lifecycle, from early-stage research through to clinical trials, translation, development, and commercialisation, in partnership with industry. The aim is for the Council to work with industry to develop Australia's first Life Sciences Strategy to establish clear priorities for translation, development, and commercialisation, thus providing policy certainty and industry confidence.
