On Thursday, the Labor Party announced another important feature of its economic policy, with the commitment to institute an independent COAG Economic Reform Council. Resourced by the government and consulting with the States and Territories, the Council would advise, collect data and set priorities for Australian economic reform.
Shadow Treasurer, the Hon Chris Bowen MP, stated that, “Labor’s new and reinvigorated COAG Economic Reform Council will provide the impetus, working in good faith, for better Commonwealth-State relations.”
The Shadow Treasurer also noted that he was open to formalising the Board of Treasurers, established last year by the States and Territories, in order to strengthen federalism in Australia.
“Provided its scope is clearly defined and its operations well organised, it could bring added efficiencies to the Commonwealth-State economic, financial and administrative arrangements” he said.
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