The reforms centred on keeping people working after the official retirement age of 67, increasing the number of women in the workplace and tax reform.
The reforms centred on keeping people working after the official retirement age of 67, increasing the number of women in the workplace and tax reform. © iStockphoto.com/Izabela Habur

Report wants elderly in jobs

KEEPING older people in the workforce for longer was a key reform plank to boost Australia's economy, a report out on Friday says.

A report by the Grattan Institute said three key economic reforms could grow Australia's gross domestic product (GDP) by $70 billion in a decade.

The reforms centred on keeping people working after the official retirement age of 67, increasing the number of women in the workplace and tax reform.

Institute chief executive John Daley said the three planks were the only government reforms that could "change the game" for Australia.

However, one big issue in regional Australia - improving transport infrastructure - did not rate highly on the institute's agenda.

The report said claims that under-investment in transport infrastructure was holding back economic growth were untrue.

"Investing faster in Australian infrastructure is unlikely to substantially increase the size of the economy over the next decade."

It said that analysis by Infrastructure Australia actually showed few major projects were ready to proceed and any benefits of such projects would be modest.

The report highlighted that increasing workforce participation and tax reform could have the biggest overall effects for the economy, each contributing up to $25 billion to GDP.

It said increasing the goods and services tax to food, healthcare and education while lifting the retirement and superannuation age could have "substantial economic benefits" for the nation.


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