States and territories will be offered up to $900 million to streamline building permits and implement other productivity-enhancing reforms, under an incentive fund to be created by the Federal Treasurer Jim Chalmers.

As Australia’s labor productivity stagnates at 2016 levels, Dr Chalmers said a new Productivity Commission report, yet to be made public, showed “substantial, even staggering” benefits , a revitalized national competition policy program with the States.

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