Progress has also been made with the tax system: the recent revisions of personal income taxation have corrected clear anomalies in the structure of marginal effective tax rates, and the fight against tax evasion has benefited from the introduction of regulatory and technological innovations, such as electronic invoicing.
So the challenge for Australian resource producers to be the most efficient suppliers in a world of slower growth in demand for resources will co-exist with greater opportunities for other firms to offer value added in services. The challenges of adjusting the responsiveness of our economy and developing its infrastructure, noted six years ago, are still relevant.