Underlying this growth challenge is the management of economic policy in two dimensions. One driver of progress will be a greater degree of openness. As the Australian Productivity Commission has observed, significant policy impediments to economic integration remain. Reducing those impediments will generate significant gains through lower prices, better value-chain integration, more efficient production and so on. This change will be necessary but not sufficient.
Search for new sources of growth momentum in Australia
It has not been an easy year for Australia and many of the challenges the region has faced will continue over into 2018. The first is to find new sources of growth. Some economies in the region are busy catching up to the technological frontier. But those that are approaching it or those that are already there are more concerned about stagnation. Australia continues to be concerned about productivity and where it might be found.
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