Australia’s productivity challenge: Tech’s role in our future

Digital Future Summit Series Episode 3: Productivity Commission Chair Danielle Wood

Presenters:

• Annabel Griffin, KWM
• Jennifer Barron, KWM
• Danielle Wood, Productivity Commission Chair

In this episode of the Digital Future Summit Series, Chair of the Productivity Commission Danielle Wood explains her role and the productivity imperative Australia faces. The discussion covers the economic landscape, challenges and opportunities presented by AI and data, and the importance of regulatory reform in fostering a dynamic economy. Danielle details the Productivity Commission's current inquiries and outlines actionable recommendations to enhance competition, efficiency, and sustainable growth as Australia navigates its transition to a clean energy future.

Key Points:

1. Danielle Wood highlights productivity’s essential role in driving sustainable improvements in living standards.
2. The conversation unpacks Australia’s low productivity growth and the implications for future generations.
3. Wood addresses the complexities of regulatory burdens on businesses and the need for a cultural shift in policymaking to prioritise growth.
4. Exploring the potential for AI and data to enhance productivity and innovation, Wood advocates for a balanced regulatory framework that encourages technology adoption while managing associated risks.
5. Looking at the productivity implications of Australia's clean energy transition, Wood stresses the importance of harmonizing regulations across jurisdictions and creating market-based signals to attract investment in sustainable initiatives.

Additional Resources here:

• Five pillars of productivity inquiries
• Economic Reform Roundtable | Treasury.gov.au
• Interim Report - Creating a more dynamic and resilient economy
• Interim Report - Harnessing data and digital technology
• KWM’s AI regulatory map
• Interim Report - Investing in cheaper, cleaner energy and the net zero transformation
• KWM’s update on the NEM Wholesale Markets Review
• https://www.kwm.com/au/en/insights/latest-thinking/australian-government-gets-ai-ready-new-ai-technical-standard-and-launch-of-gov-ai.html
• https://treasury.gov.au/review/economic-reform-roundtable