Australia's growth imperative: will we walk the talk?

Suppose Australia manages to secure an extra 2% real GDP growth over the Forward Estimates.

Assuming no further terms of trade decline, that would be enough to lift Australia's real per capita income back to the levels recorded at the start of 2012. That result would be hard, but worth having, and highlights how losing ground is hard to recover.

Talking about adding 2% to Australia's GDP means nothing without policy measures delivering that result. Measured in per capita terms, we need to deliver higher workforce participation and increased productivity.

No reforms that contribute to these requirements should be off the table. Opposition attempts to play 'reform rule out' really equal 'job loss roulette'. They should cease, or opposition credibility will fall further.

Reforms promoting a more efficient, leaner, focused, public sector should be on the table.

Broad tax reform, including debate about the GST, should be, too.

IR reforms should be there as well.

What should be swept off the table is current counter-productive argy-bargy about industry policy. The current opposition position seems to be more taxpayer funds to prop up relatively highly unionized and uncompetitive businesses.

Opposition positions on Qantas – Australia's oldest, but not its only, national carrier – are just the latest examples of this job-destroying mindset. This should stop – before more jobs do.

Growth-supporting reform should start now.