Kevin Rudd’s role as US ambassador in focus after his deleted tweets about Donald Trump. Follow today’s news live

The treasurer, Jim Chalmers will today announce funding of $900m for states and territories through a new national productivity fund to boost competition and productivity across the economy.

Launching the plan in a speech to the Australian Business Economists in Sydney, Chalmers is hoping the plan will will incentivise states to achieve productivity gains through pro-competitive policies such as streamlining commercial planning and zoning, and removing barriers to the uptake of modern construction methods.

In March this year, on behalf of the Council on Federal Financial Relations, I asked the Productivity Commission to model the potential impacts of a revitalised NCP.

Its final report landed this month and the benefits on offer are substantial, if not staggering. The PC found a revitalised NCP could boost GDP by up to $45bn a year and reduce prices by 1.45 percentage points. That GDP boost represents about $5,000 per household, per year.

Continue reading...