President Trump’s re-election raises the stakes for Australia’s global competitiveness, as his incoming administration prepares sweeping deregulation to supercharge U.S. productivity. Meanwhile, Australia remains stuck in a productivity slump, with no relief in sight.

Australia ranks 13th in the IMD World Competitiveness Yearbook 2024, just behind the U.S. at 12th. Yet, as Australia struggles with stagnating productivity, Trump’s deregulation agenda promises to revitalise U.S. industry, attract investment, and expand its competitive edge.

“With Trump’s re-election signalling an era of aggressive deregulation, Australia must recognise this moment as both an opportunity and an imperative for change. If we don’t take similar steps, we risk being left behind in this global economic shift,” H.R. Nicholls Society President Frank Parry KC said. 

“Our workplace relations system is weighed down by increasingly restrictive policies that choke productivity, stifle business potential, and slow economic growth. While the U.S. prepares to shed regulatory barriers, Australia is adding them.”

The H.R. Nicholls Society’s landmark reform proposal, The Employment Act, is a blueprint for Australia to address these issues head-on. The paper outlines essential reforms to streamline workplace relations, foster flexibility, reduce regulatory burdens, and drive labour productivity across industries.

"The Employment Act recommends sweeping changes across five core areas, from abolishing Modern Awards, which have long failed both employers and employees, to reinstating enterprise bargaining as a key driver of productivity growth. It's a clear way forward.

"The U.S. is poised to make bold strides in productivity, and if Australia doesn’t act soon, we will lose our edge in the global economy."

Download The Employment Act: A Modern Blueprint for the Future of Work