Prime Minister Anthony Albanese has announced plans for an economic summit scheduled for August 2025, aimed at addressing Australia's low productivity and economic challenges.

The summit will bring together leaders from business, unions, and civil society to collaborate on strategies for economic growth and reform.

Albanese emphasized the necessity of broad support for reforms that will drive growth, improve productivity, and enhance economic resilience amid global uncertainties.

Treasurer Jim Chalmers highlighted that improving productivity is one of the most significant challenges facing the Australian economy.

Chalmers has been vocal about productivity issues since the election, while other ministers focus on reducing regulatory burdens to stimulate growth.

Experts have raised alarms regarding Australia's productivity levels, which are crucial for enhancing living standards and economic efficiency.

A significant area of concern is the housing sector, where productivity stagnation has led to a crisis in construction supply and affordability.

The government is encouraged to consider reforms related to income taxes, GST, property taxes, and corporate tax rates, as called for by economists and political figures.

In conjunction with the summit announcement, Albanese appointed Jenny Wilkinson as the first female Treasury Secretary, succeeding Steven Kennedy.

The Business Council of Australia is already collaborating with various groups on policies to enhance productivity, including reducing red tape and advancing technology.

Albanese praised the capabilities of both Wilkinson and Kennedy, expressing confidence in their commitment to public service.

Opposition figures have criticized the government's approach as potentially ineffective, likening it to 'turning around the Titanic.'