Australia needs to lift productivity if our standard of living and freedom of choice is to be lifted .

IN the five years from mid-2007, multi-factor productivity declined across the country by 3 per cent.

Last year the respected Economist Intelligence Unit ranked 51 countries for productivity growth, with Australia coming in second last, ahead of only Botswana.

Even Reserve Bank governor Glenn Stevens has weighed in, calling for more action and less debate on the productivity front, saying "improving productivity growth is just about the sole source of improving living standards".

Now the Coalition has returned to government, we have the opportunity to implement the very policies that will reverse our declining productivity and put Australia's economy back on track.

One of the most effective ways to boost productivity is via the micro-economic reform agenda of deregulation.

It is an area where Labor failed and the Coalition must succeed.

In little more than 5 1/2 years, Labor was responsible for introducing more than 21,000 additional regulations, despite Kevin Rudd's promise of a "one regulation in, one regulation out" policy. This dramatically increased the burden on big and small businesses alike. Peak industry bodies were aghast.

The Australian Chamber of Commerce and Industry surveyed its members and found that 73 per cent of businesses felt the compliance burden had increased in the past two years.
http://www.theaustralian.com.au/national-affairs/opinion/deregulation-program-will-pave-the-way-for-productivity-growth/story-e6frgd0x-1226724729098