Australia news and politics live: Treasurer Jim Chalmers reveals 10 most important productivity reform areas

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Mr Chalmers has also announced a handful of longer-term priorities including:

• Simplified trading system considering the Australian Trusted Trader program
• More work to do on the Tell Us Once principle
• Deep dives for priority sectors for better regulation, including more work on tech tools to reduce compliance costs
• Working to encourage a more effective balance between growth and risk for regulators.
• More work on a single national market
• Speeding up FIRB approvals
• Building more houses
• Review the Super Performance Test to ensure there are no unnecessary obstacles for investment in areas of national need
• Making AI a national priority
• Better recognition of skills and education and building an adaptable workforce
• Modernising Government services
• Reform of the tax system

Jim Chalmers has utlined three objectives for the tax system in the long term after the economic roundtable.

“The first one is about a fair go for working people and including in inter-generational equity terms. That’s the first category,” Mr Chalmers said on Thursday evening.

“The second one was about an affordable, responsible way to incentivise business investment, recognising the capital deepening challenge that we have in the economy and what that means for productivity and for growth.

“And then thirdly, how we make the system simpler, more sustainable so that we can fund the services that people need, particularly in the context of the big shifts in our community, including ageing and other pressures as well.”

The government are keen to accelerate Australia’s focus on AI capabaility according to Treasurer Jim Chalmers after the economic roundtable in Canberra.

Referencing Finance Minister Katy Gallagher he said a national development plan is in the works.

“When it comes to accelerating her (Gallagher) work in the apps part of artificial intelligence and releasing an apps plan, as well Tim Ayres is going to accelerate his work on the broader national AI capability plan,” Mr Chalmers said.

“We got some really good inputs into that in the room, including how we work out those national interest principles on data centres with all the resourcing questions that invites.”

Jim Chalmers has outlined the 10 areas of reform discussed during the last three days with over “327 different contributions” offered according to the treasurer.

“With a total of the 10 reform directions first of all was progress towards a single national market, which is how we improve the federation moderately modernise the federation,” Mr Chalmers said.

“The second one is about simplifying trade and reforming tariffs. The third one was better regulation and how we cut the clutter when it comes to Reg. The fourth one was speeding up approvals in national priority areas. The fifth one was building more homes more quickly.

“The sixth one was how we make artificial intelligence a national priority for Australia. Seven was attracting capital and deploying investment, eight was building a skilled and adaptable workforce, nine was a better tax system and 10 was modernising government services.”

The Treasurer, Jim Chalmers, is providing an update at the conclusion of the government’s three-day economic roundtable in Canberra.

“The best way to sustain and grow living standards over time is to make our economy more productive, to make it more resilient, and also to make sure that our budget is more sustainable,”Mr Chalmers said.

“These were the tasks that we set some terrific people who gave us their expertise and their experience over the course of the last few days.

“For all of us, high living standards is the Holy Grail, and a more productive economy is how we deliver it.

“In every part of every session, the working people of this country, the community more broadly, was front and centre because we know that the whole purpose of economic reform is to deliver for the people who send us here to work so hard on their behalf.”

The Australian share market has cracked 9000 points for the first time, extending a record rally fuelled by better-than-expected profit results.

The S&P-ASX200 closed at a new peak of 9019.1 points on Thursday for a gain of 1.1 per cent, just four months after plumbing 7400 when US President Donald Trump’s tariffs sent markets tumbling.

All of the index’s 11 sectors finished in the green, led by industrials off the back of well-received financial results from Brambles and Downer EDI, and consumer stocks.

The barometer has now rebounded 25.8 per cent since its April 7 year low to be up 14.8 per cent for 2026 so far.

Read the full story here.

Pro-Palestine protesters have been dealt a huge blow in their bid to march across Brisbane’s iconic Story Bridge, after a court blocked the planned demonstration.

Orders were being sought by Queensland Police to block the march by the Justice for Palestine (JFP) Magan-djin (Brisbane) group, which would have crossed the Story Bridge.

Protest organiser Remah Naji was taken to court by Queensland Police in their bid to block a protest on the Story Bridge in Brisbane from going ahead.. NewsWire/Tertius Pickard Credit: News Corp Australia

Up to 7000 people could march but that number could go as high as 10,000.

In a legal challenge lodged to the Brisbane Magistrates Court, the Queensland Police Service (QPS) argued the march posed too great of a risk to the public.

Read the full story here.

A second man has been charged by Victoria Police and the AFP for his alleged role in the Adass Israel Synagogue arson attack in December 2024.

The man, a 20-year-old from Meadow Heights, had his house raided by the Victorian Joint Counter Terrorism Team (JCTT) on August 14, police said in a statement, where a “number of items” were seized, including electronic devices.

After conducting forensic testing, the man was arrested on Thursday, with police allegedly he was one of the men responsible for breaking into the synagogue and starting the fire.

“The AFP, together with Victoria Police under the JCTT, warned we would not allow these alleged crimes to go unpunished, and today’s latest arrest highlights that we remain laser focused on identifying those responsible and holding them to account for this attack,” AFP Acting Assistant Commissioner Nick Read said.