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REBUILDING: Australia’s score on labour laws is poor, according to Fred McMahon. Photo: Attila Csaszar

Reform key to competitive economy

A visiting Canadian economist has warned that Australia requires urgent reform to its labour market laws if the nation is to remain internationally competitive.

Speaking at the Australian release of the Fraser Institute’s Economic Freedom of the World index, hosted by another libertarian think tank, Subiaco-based Mannkal Economic Education Foundation, Fred McMahon said industrial relations laws were a key reason business conditions had declined in the past decade.

The Economic Freedom of the World index charts conditions for business and economic development across a series of key areas, including the level of taxation, rule of law, trade regulation and regulation of business and capital markets.

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