<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/australia" rel="" target="" title="Australia's"><span>Australia's</span></a><span> accountants are warning sluggish productivity levels are threatening the nation's living standards, </span><a href="https://www.9news.com.au/gdp" rel="" target="_blank" title="economic growth "><span>economic growth</span></a><span> and competitiveness.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>CPA Australia, the peak professional accounting body, says the </span><a href="https://www.9news.com.au/government" rel="" target="" title="federal government"><span>federal government</span></a><span> must take steps now to lift productivity levels instead of kicking the can down the street.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Australia is running out of time. If productivity continues to stagnate, living standards will go backwards and the economy will struggle to sustain growth," CPA business and investment lead Gavan Ord said.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/finance/nab-ceo-andrew-irvine-australia-living-standards-warning-productivity/4f086ceb-a196-48e2-afd3-8a38a6f93e14" rel="" target="_blank" title="NAB chief warns living standards will stagnate without serious reform"><strong><span>NAB chief warns living standards will stagnate without serious reform</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"This is not an abstract policy debate. Weak productivity ultimately means lower wages growth and fewer opportunities for Australian businesses and workers."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>In its submission to a parliamentary inquiry, CPA has called for an overhaul of the complex Australian tax system and for cutting red tape to improve efficiency</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Our tax system is increasingly complex, uncompetitive and misaligned with where the economy is heading," Ord said.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/finance/australian-accountants-body-warns-on-sluggish-productivity/395d4536-7f2d-499c-b5ed-c10a3a22bf47" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Continuing to avoid meaningful tax reform is a deliberate choice to accept weaker productivity and slower growth.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Red tape is not just an inconvenience – it is a direct drag on productivity. Governments must stop treating regulation as the default response and start proving that non‑regulatory options have been exhausted."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>FEDERAL BUDGET:</span></strong><span> </span><a href="https://www.9news.com.au/national/capital-gains-tax-discount-australia-speculation-overhaul-federal-budget-2026/1fcd9f5b-370a-4045-a4c3-c00c4dbec466" rel="" target="" title="Government not ruling out capital gains discount reform"><strong><span>Government not ruling out capital gains discount reform</span></strong></a><span></span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The CPA also pitched into the debate over the impact of government spending levels pushing down private sector investment and dragging productivity down.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The concerns are timely ahead of May's federal budget, with the Albanese government warning today spending must be reined in.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Finance Minister Katy Gallagher told </span><em><span>Today</span></em><span> this morning "a big effort is going on" by ministers to find savings.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>She also said the government would weigh up calls for the scrapping of the capital gains tax in the lead-up to the budget.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span></span><strong><em><span>NEVER MISS A STORY:</span></em></strong><span> </span><em><span>Get your breaking news and exclusive stories first by following us across all platforms.</span></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><strong><em><span>Download the 9NEWS App here via</span></em></strong><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="_blank"><strong><em><span>Apple</span></em></strong></a><span> </span><strong><em><span>and</span></em></strong><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1" target="_blank"><strong><em><span>Google Play</span></em></strong></a></li><li><strong><em><span>Make 9News your preferred source on Google by</span></em></strong><span> </span><a href="https://9.nine.com.au/8x987w" target="_blank"><strong><em><span>ticking this box here</span></em></strong></a></li><li><strong><em><span>Sign up to</span></em></strong><span> </span><a href="https://login.nine.com.au/edm?client_id=nineatnine" target="_blank"><strong><em><span>our breaking newsletter here</span></em></strong></a></li></ul></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span></span></div></div>