Productivity & Economic Growth - Australia's productivity growth is weak, with recent forecasts predicting a further decline to 07% (7/10 of 1%), significantly below the long-term average of 16% [3] - Real wages have been flatlining or declining, highlighting the need for action to address productivity issues [8] - Regulatory reform, particularly streamlining approvals for major projects and housing, is identified as a potential area for quick wins [11] - Long-term tax reform, especially regarding housing and accumulated wealth, is considered crucial for relieving the burden on working Australians [9][22] Government & Policy Initiatives - The Australian Treasurer is hosting a gathering of experts and leaders to address declining productivity, with 900 submissions to consider [1][2][3] - All ideas are on the table, but changes to GST and negative gearing are ruled out [4][5] - The government abolished non-compete agreements for low-income workers to improve labor mobility [14] - Road user charging is being considered as a replacement for declining fuel excise revenue due to the rise of electric vehicles [18] Labor Market & Regulatory Issues - Licensing restrictions across different states impede labor mobility, adding complexity to the regulatory environment [14] - Australia has a relatively regulated labor market with general protections around minimum pay and working conditions, unlikely to be significantly liberalized [15] Economic Structure - Approximately 80% of the Australian economy is services-based, with about 90% of the workforce employed in the service sector [25]

The following is a conversation with Ku Jin, an economist at the London School of Economics specializing in China's economy, international macroeconomics, global trade imbalances, and financial policy. She wrote the highly lauded book on China titled The New China Playbook: Beyond Socialism and Capitalism that details China's economic transformation since 1978 to Today. and it dispels a lot of misconceptions about China's economy that people in the west have. This is the Lex Freedman podcast. To support it, ...