Latest news with #EnvironmentProtectionandBiodiversityConservationAct
Sky News AU
an hour ago
- Business
- Sky News AU
Labor will be forced to 'raise taxes quite significantly' or cut spending if productivity stalls, Ken Henry declares
Labor has been warned it will be forced to hike taxes quite significantly if productivity continues to stall as the Albanese government powers on with its second term economic agenda. Former Treasury secretary Ken Henry faced the National Press Club on Wednesday where he weighed in on the economic challenges facing Australia. Mr Henry, who authored a highly recognised white paper on tax reform in 2010, warned Labor that lagging productivity would mean the government will be forced to either hike taxes or cut spending. It comes as Labor faces growing fiscal pressures on the budget such as the ballooning NDIS and demands for Australia to increase defence spending. 'If the budget is to meet these growing spending pressures, then we've got two options: We either increase taxes as a share of GDP, or we grow the economy faster,' Mr Henry told National Press Club on Wednesday. He said the slump in productivity that continues to plague Australia's economy would force the government to find revenue elsewhere. 'Over the decade of the 1990s, average productivity growth was 2.31 per cent a year,' Mr Henry said. 'Over the past 25 years, it's averaged 0.98 per cent a year. That's a pretty fundamental difference. 'If we continue on that trajectory … we will have no option but to raise taxes. And quite significantly, by several percentage points of GDP ... or cut spending.' Mr Henry also voiced concerns about the Environment Protection and Biodiversity Conservation Act (EPBC) during his address, which he said needed an overhaul to boost productivity. 'I can think of other reforms to boost productivity. Some even harder, though none more important. And if we can't achieve environmental law reform, then we should stop dreaming about more challenging options,' Mr Henry said. He argued changes to legislation are critical for Labor as it wants to balance environmental concerns with ambitious projects, including delivering 1.2 million new homes and continuing with the Future Made in Australia plan. It would also mean changes to laws surrounding mining and critical minerals projects. 'The Australian government has an ambition to massively increase critical minerals exports and downstream processing here in Australia,' Mr Henry said. 'This means more mines, new industrial facilities, and more pressure being loaded onto broken EPBC project assessment and approval processes.' Labor is considering a raft of changes to boost productivity. The nation's economy will take centre stage at the productivity roundtable in August where leaders across business, economics, politics and unions will come together. A coalition of 28 businesses and industry groups have listed overhauling the EPBC as a major priority. Australia's enormous superannuation sector, alongside major industries including artificial intelligence and manufacturing, will also come under the microscope.
Sky News AU
6 hours ago
- Business
- Sky News AU
Fix environmental laws to productivity boost, Australian Climate and Biodiversity Foundation chair Ken Henry tells Labor
Fixing national environmental laws holds the key to boosting productivity in Australia, a leading environmental expert has told the Albanese government. Ken Henry, the former Treasury secretary who handed down a highly recognised white paper on tax reform, now serves as chair to the Australian Climate and Biodiversity Foundation and will address the nation's flailing productivity at the National Press Club on Wednesday. Productivity has become a major focus point for the Albanese government in its second term as it looks to bolster Australia's growth. Mr Henry will tell attendees the Environment Protection and Biodiversity Conservation Act (EPBC) - Australia's main environment legislation - needs a radical overhaul. 'I can think of other reforms to boost productivity. Some even harder, though none more important. And if we can't achieve environmental law reform, then we should stop dreaming about more challenging options,' Mr Henry will say. He will says changes to legislation are critical for Labor as it wants to balance environmental concerns with ambitious projects, including delivering 1.2 million new homes and continuing with the Future Made in Australia plan. This also includes changes to laws surrounding mining and critical minerals projects. 'The Australian government has an ambition to massively increase critical minerals exports and downstream processing here in Australia,' Mr Henry will say. 'This means more mines, new industrial facilities, and more pressure being loaded onto broken EPBC project assessment and approval processes.' He will call for a 'quick and efficient' delivery of the ambitious projects in a 'way that not only protects, but restores, nature' as Labor attempts to reduce carbon emissions. 'To put it bluntly, there is no chance of Australia meeting stated targets for net zero, renewable energy, critical minerals development, housing and transport infrastructure without very high-quality national laws that set clear environmental standards for major projects, a strong national decision maker respected by all parties, and significant improvement not only in Commonwealth environmental protection systems, but also in those of the States and territories,' Mr Henry will say. 'And all these projects will be critical to enhancing economic resilience and lifting flagging productivity growth. 'Boosting productivity and resilience relies upon environmental law reform.' Labor is considering a raft of changes to boost productivity. The nation's economy will take centre stage at the productivity roundtable in August where leaders across business, economics, politics and unions will come together. A coalition of 28 businesses and industry groups have listed overhauling the EPBC as a major priority. Australia's enormous superannuation sector, alongside major industries including artificial intelligence and manufacturing, will also come under the microscope.
The Advertiser
13 hours ago
- Business
- The Advertiser
Outdated environment laws may hinder Australia's dreams
Australia will miss many of its most important goals unless its environment laws undergo a long-overdue transformation, an economic heavyweight has warned. Ken Henry - a former Treasury secretary, NAB chairman and prime ministerial adviser - has urged Australia to overhaul its main environment act as the Labor government pursues a litany of economic reforms. Its plans to build 1.2 million houses by 2029, boost renewable energy, and develop the critical minerals industry have taken attention away from the languishing Environment Protection and Biodiversity Conservation Act. But Dr Henry says Labor's ambitious proposals cannot be achieved without major reform. "If we can't achieve environmental law reform, then we should stop dreaming about more challenging options," the Australian Climate and Biodiversity Foundation chair will tell the National Press Club on Wednesday. "To put it bluntly, there is no chance of Australia meeting stated targets for net zero, renewable energy, critical minerals development, housing and transport infrastructure without very high quality national laws." These goals are also an answer to Australia's flagging productivity which the government has been determined to address in its second term. "Economics has, for the most part, ignored the most important constraints on human choices," Dr Henry will say. "Our failure to recognise that the laws of nature affect the set of feasible choices available to us is now having a discernible impact on productivity - and things are getting worse with accelerating speed. "We need to break the deadlock." Reforms to main environment laws would need to ensure Commonwealth, state and territory governments can co-operate for a shared purpose, finalise effective national standards and establish an expert, independent decision maker in the form of a national environmental protection agency. Labor came into office with a promise to fix the laws, but its proposals have stalled following staunch criticism from scientists, environmentalists and mining industry groups. Australia will miss many of its most important goals unless its environment laws undergo a long-overdue transformation, an economic heavyweight has warned. Ken Henry - a former Treasury secretary, NAB chairman and prime ministerial adviser - has urged Australia to overhaul its main environment act as the Labor government pursues a litany of economic reforms. Its plans to build 1.2 million houses by 2029, boost renewable energy, and develop the critical minerals industry have taken attention away from the languishing Environment Protection and Biodiversity Conservation Act. But Dr Henry says Labor's ambitious proposals cannot be achieved without major reform. "If we can't achieve environmental law reform, then we should stop dreaming about more challenging options," the Australian Climate and Biodiversity Foundation chair will tell the National Press Club on Wednesday. "To put it bluntly, there is no chance of Australia meeting stated targets for net zero, renewable energy, critical minerals development, housing and transport infrastructure without very high quality national laws." These goals are also an answer to Australia's flagging productivity which the government has been determined to address in its second term. "Economics has, for the most part, ignored the most important constraints on human choices," Dr Henry will say. "Our failure to recognise that the laws of nature affect the set of feasible choices available to us is now having a discernible impact on productivity - and things are getting worse with accelerating speed. "We need to break the deadlock." Reforms to main environment laws would need to ensure Commonwealth, state and territory governments can co-operate for a shared purpose, finalise effective national standards and establish an expert, independent decision maker in the form of a national environmental protection agency. Labor came into office with a promise to fix the laws, but its proposals have stalled following staunch criticism from scientists, environmentalists and mining industry groups. Australia will miss many of its most important goals unless its environment laws undergo a long-overdue transformation, an economic heavyweight has warned. Ken Henry - a former Treasury secretary, NAB chairman and prime ministerial adviser - has urged Australia to overhaul its main environment act as the Labor government pursues a litany of economic reforms. Its plans to build 1.2 million houses by 2029, boost renewable energy, and develop the critical minerals industry have taken attention away from the languishing Environment Protection and Biodiversity Conservation Act. But Dr Henry says Labor's ambitious proposals cannot be achieved without major reform. "If we can't achieve environmental law reform, then we should stop dreaming about more challenging options," the Australian Climate and Biodiversity Foundation chair will tell the National Press Club on Wednesday. "To put it bluntly, there is no chance of Australia meeting stated targets for net zero, renewable energy, critical minerals development, housing and transport infrastructure without very high quality national laws." These goals are also an answer to Australia's flagging productivity which the government has been determined to address in its second term. "Economics has, for the most part, ignored the most important constraints on human choices," Dr Henry will say. "Our failure to recognise that the laws of nature affect the set of feasible choices available to us is now having a discernible impact on productivity - and things are getting worse with accelerating speed. "We need to break the deadlock." Reforms to main environment laws would need to ensure Commonwealth, state and territory governments can co-operate for a shared purpose, finalise effective national standards and establish an expert, independent decision maker in the form of a national environmental protection agency. Labor came into office with a promise to fix the laws, but its proposals have stalled following staunch criticism from scientists, environmentalists and mining industry groups. Australia will miss many of its most important goals unless its environment laws undergo a long-overdue transformation, an economic heavyweight has warned. Ken Henry - a former Treasury secretary, NAB chairman and prime ministerial adviser - has urged Australia to overhaul its main environment act as the Labor government pursues a litany of economic reforms. Its plans to build 1.2 million houses by 2029, boost renewable energy, and develop the critical minerals industry have taken attention away from the languishing Environment Protection and Biodiversity Conservation Act. But Dr Henry says Labor's ambitious proposals cannot be achieved without major reform. "If we can't achieve environmental law reform, then we should stop dreaming about more challenging options," the Australian Climate and Biodiversity Foundation chair will tell the National Press Club on Wednesday. "To put it bluntly, there is no chance of Australia meeting stated targets for net zero, renewable energy, critical minerals development, housing and transport infrastructure without very high quality national laws." These goals are also an answer to Australia's flagging productivity which the government has been determined to address in its second term. "Economics has, for the most part, ignored the most important constraints on human choices," Dr Henry will say. "Our failure to recognise that the laws of nature affect the set of feasible choices available to us is now having a discernible impact on productivity - and things are getting worse with accelerating speed. "We need to break the deadlock." Reforms to main environment laws would need to ensure Commonwealth, state and territory governments can co-operate for a shared purpose, finalise effective national standards and establish an expert, independent decision maker in the form of a national environmental protection agency. Labor came into office with a promise to fix the laws, but its proposals have stalled following staunch criticism from scientists, environmentalists and mining industry groups.
Perth Now
14 hours ago
- Business
- Perth Now
Outdated environment laws may hinder Australia's dreams
Australia will miss many of its most important goals unless its environment laws undergo a long-overdue transformation, an economic heavyweight has warned. Ken Henry - a former Treasury secretary, NAB chairman and prime ministerial adviser - has urged Australia to overhaul its main environment act as the Labor government pursues a litany of economic reforms. Its plans to build 1.2 million houses by 2029, boost renewable energy, and develop the critical minerals industry have taken attention away from the languishing Environment Protection and Biodiversity Conservation Act. But Dr Henry says Labor's ambitious proposals cannot be achieved without major reform. "If we can't achieve environmental law reform, then we should stop dreaming about more challenging options," the Australian Climate and Biodiversity Foundation chair will tell the National Press Club on Wednesday. "To put it bluntly, there is no chance of Australia meeting stated targets for net zero, renewable energy, critical minerals development, housing and transport infrastructure without very high quality national laws." These goals are also an answer to Australia's flagging productivity which the government has been determined to address in its second term. "Economics has, for the most part, ignored the most important constraints on human choices," Dr Henry will say. "Our failure to recognise that the laws of nature affect the set of feasible choices available to us is now having a discernible impact on productivity - and things are getting worse with accelerating speed. "We need to break the deadlock." Reforms to main environment laws would need to ensure Commonwealth, state and territory governments can co-operate for a shared purpose, finalise effective national standards and establish an expert, independent decision maker in the form of a national environmental protection agency. For more than two decades, the country's main environment legislation has remained largely unchanged, even after a landmark review released in 2021 found the act was not fit to address current or future challenges. Labor came into office with a promise to fix the laws, but its proposals have stalled following staunch criticism from scientists, environmentalists and mining industry groups.
Perth Now
17 hours ago
- Business
- Perth Now
One thing missing to fix Aussie crisis
Urgent reform of Australia's 'broken' environmental laws would dramatically cut government costs and lift productivity growth, a leading environment expert claims. The Albanese government has faced continued pressure over Australia's sluggish productivity growth, which is among the worst in the developed world. Australian Climate and Biodiversity Foundation chair Ken Henry said sweeping environmental reform could be the solution. The former Treasury secretary will tell the National Press Club in Canberra on Wednesday there is 'no chance' the Labor government will meet its net-zero target while also delivering upon housing and infrastructure commitments without reform to state and federal environmental protection laws. 'The Australian government has an ambition to massively increase critical minerals exports and downstream processing here in Australia,' Dr Henry is expected to state. 'This means more mines, new industrial facilities, and more pressure being loaded onto broken EPBC project assessment and approval processes.' The Environment Protection and Biodiversity Conservation Act, or EPBC, is Australia's main national environmental legislation. Australian Climate and Biodiversity Foundation chair Ken Henry says environmental reform would boost productivity. NewsWire / Martin Ollman Credit: News Corp Australia Dr Henry said the government's pledge to erect 1.2 million homes by 2030 would require more land and transport, meaning more interaction with EPBC assessments. 'These projects, be they wind farms, solar farms, transmission lines, new housing developments, land-based carbon sequestration projects, new and enhanced transport corridors or critical minerals extraction and processing plants, must be delivered quickly and efficiently,' Dr Henry will tell the NPC. 'All these projects will be critical to enhancing economic resilience and lifting flagging productivity growth. 'Boosting productivity and resilience relies upon environmental law reform. 'But the biggest threat to future productivity growth comes from nature itself; more particularly, from its destruction.' Dr Henry will urge for a breaking of the 'deadlock' to deliver sweeping reforms in a single package. They would include protecting Matters of National Environmental Significance guidelines by shifting the focus to regional planning, urgent finalisation of the effective national environmental standards, and formation of a national environmental protection agency. Environment Minister Murray Watt said legislating a federal environment protection agency was a 'very high and immediate' priority. NewsWire / Martin Ollman Credit: News Corp Australia He will also urge for 'genuine co-operation and a shared purpose' between business and environmental groups as well as between the states and federal government. 'Environmental law reform provides an opportunity to reconstruct the co-operative federal reform capability we developed in the 1990s but have since lost,' Dr Henry will state. 'A strong federal reform capability will be required to deliver other, even more challenging economic reforms. Environmental law reform can provide the template.' Dr Henry said there was 'no point in building a faster highway to hell', and while approvals needed to be granted faster, the environment needed to be protected. 'In reforming the EPBC Act, we can get this right. We have had all the reviews we need,' he will say. 'All of us have had our say. It is now up to parliament. Let's just get this done.' The Labor government is contending with a raft of proposals to fix productivity, from superannuation reform to artificial intelligence and disability inclusion. At the same time, Environment Minister Murray Watt said in May that legislating a federal environment protection agency was a 'very high and immediate' priority.
