The prime minister is convening a productivity summit, putting approval times for housing and energy projects on the table.
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00:00Just hours after Labor's landslide win, the Treasurer was putting living standards at the heart of his second term agenda.
00:12First term was primarily inflation without forgetting productivity, the second term will be primarily productivity without forgetting inflation.
00:19How to get more bang for your buck, how to work smarter not harder, a question governments have spent years trying to answer.
00:27So Labor's throwing open the floor, inviting unions, business and lobby groups to a round table in August.
00:34I want people to be able to have a mature discussion around a room. Are there win-wins on productivity?
00:41The Prime Minister wants to speed up approvals processes, removing roadblocks to housing supply and the clean energy transition, while at the same time putting some guardrails around the discussion.
00:53I'm a Labor Prime Minister and I support penalty rates. I'm a Labor Prime Minister and I support real wages increasing.
01:00It'll be a slimmed down version of Labor's first term jobs and skills summit, but there's nothing slim about the agenda business leaders are bringing.
01:08They want more ambition on tax and regulation and getting the private sector, not government, to drive jobs growth.
01:16We certainly want to see some quick wins, some things that can be done immediately to improve productivity, but also an ambitious agenda for the longer term.
01:25The commitments the Australian people voted for in May are the foundation of our mandate. They are not the limits of our responsibilities or of our vision.
01:35The Prime Minister is giving himself room to respond to unexpected events and challenges and even possibly to develop a bolder agenda.
01:44But some challenges are here and now. In a sea of budget deficits, the government is being urged to spend more on defence.
01:52Anthony Albanese has indicated he's up for a discussion, but again pushed back on calls to set a spending target.
01:59Of course, we will always provide for capability that's needed.