Post Roundtable Wrap Up

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Treasurer Jim Chalmers. Source: Nine Fairfax

Treasurer Jim Chalmers has wrapped up the Government's three day Economic Roundtable, describing it as a "boardroom blitz" with over 40 business leaders, 29 hours and 327 different contributions to tackle Australia's most pressing economic challenges. 

Overall: The roundtable has brought back to the (oval) table a number of issues that had previously been deferred or were at an impasse among Ministers and various stakeholder groups. Whether this will be enough to accelerate productivity remains difficult to assess.

Unlike the previous Tax Summit which was out for a duck or the Jobs & Skills Summit, it is encouraging to hear that delegates found broad consensus on many issues despite initial differences. This is a positive development, especially given the volume and complexity of the matters discussed and the typically slow pace of government policy development.

Ultimately, success will be measured by the ability to translate these discussions into action—something that will require accountability, leadership, and cultural alignment.

Here's tailored insights for your industry and implications for boards:

💰 Finance and Superannuation

Key takeaway: Better regulation across the sector, and reviewing the performance tests of super funds to support national objectives.

• Minister for Finance Katy Gallagher and Treasurer have written to all major regulators seeking specific ideas on better regulation

• Hundreds of ideas from regulators that will be released to the public in the hope that that generates a public debate about priority areas. Assistant Treasurer will ask the Council of Financial Regulators (CFR) to coordinate that work 

• Superannuation investment pathways may be clarified to support national priorities such as housing.

  
  

💻 Artificial Intelligence

Key takeaway: This is now a national priority for the country. 

• Govt will accelerate the broader national AI capability plan including national interest principles on data centres 

• Govt will undertake gap analysis on whether AI is currently covered by existing regulations (for privacy, data and other factors) or a whether a stand-alone regulation will be developed.

• A first step to recognise artists and creative industry.

  
  

🏠 Housing

Key takeaway: an important part of addressing intergenerational equity brought about through regulatory inefficiency

• Reviewing and reducing complexity in the National Construction Code. 

📊 Tax Reform 

Key takeaway: While this was a very high priority for some attendees, the roundtable agreed to not have a further major review (like Henry Review) but instead build on the work that is underway to address three objectives in the tax system:

1. Fair go for working people and including in intergenerational equity terms

2. Affordable responsible way to incentivise business investment recognising the capital deepening challenge that we have in the economy

3. Simpler taxation that is more sustainable to fund services such as ageing

📎 Modernising Government Services 

Key takeaway: With rising cost pressures (see Minister Butler's changes to the NDIS and plan to divert kids with autism), and the rising trust deficit in government, modernising wlll support these objectives. 

• Data Act reform and “Tell Us Once” principle will streamline data handling and reduce duplication.

• APS AI roadmap will shape innovation and compliance.

  
  

💶 Eliminating nuisance tariffs Key takeaway: Treasurer and Trade Minister will abolish hundreds of low-impact tariffs. This will be done in consultation with industry groups to streamline trade and reduce compliance costs.

🚙 Road user chargers for EVsKey takeaway: Longstanding frustration of Ken Henry that was not adequately addressed in the 2010 tax reform, support was confirmed for reforming road user charging.

• Treasurer and Minister Catherine King will work with state and territory treasurers to develop options, with discussions scheduled for September 5.

🌳Environmental Approvals

Key takeaway: fast-track reforms to environmental approvals under the EPBC Act. This includes:

• Implementing stronger standards and faster approvals in line with the Samuel Review.

• Tackling a backlog of tens of thousands of housing-related environmental approvals.

🧭 Implications for Boards

• Trade-Exposed Industries: Boards in manufacturing, retail, and logistics should prepare for tariff simplification that could reduce import costs and improve supply chain agility.

• Construction & Property: Directors should monitor changes to the National Construction Code and engage early in consultations to ensure commercial viability and compliance alignment.

• Energy, Resources & Housing: Environmental approval reforms may unlock stalled projects. Boards should assess project pipelines and be ready to respond to faster regulatory timelines.

• Health and Social Services: Invest in digital transformation aligned with government service reforms. Ensure ethical AI use in service delivery. 

• Financial Services: Engage with regulators, Treasury and others to ensure deregulation meet intended purposes and not further complexity for operations. Super funds trustees should prepare for increased expectations around ESG and national interest alignment.

• Transport and Insurance: Boards in logistics and infrastructure or heavily reliant on EVs should prepare for evolving cost structures and policy frameworks around road usage.

• Cross-Sector Strategy: These reforms signal a broader deregulatory agenda. Engage in workforce planning to address skills gaps and migration pathways.

  
  

All Boards should ensure government relations and regulatory affairs are integrated into strategic planning.

Please find attached our practical Checklist for directors and boards — published in the AICD's July magazine — to embed government engagement into their governance processes.

Please find the article here: weblink or pdf.