Australia has the resources it needs to be a globally prosperous economy, but it is failing to convert those assets into meaningful growth, a think tank says.
Abundant renewable energy, critical minerals, a world-class research sector and ties to the world's fastest-growing region are among its advantages.
But it risks falling behind unless governments pursue more ambitious reforms to lift business investment, innovation and economic dynamism.
These were the findings of the Committee for Economic Development for Australia's inaugural State of the Nation report, released on Monday.
"We have a strong hand," the think tank said.
"However, national advantage does not convert into prosperity automatically, it requires deliberate choice."
The report found Australia's long-term economic performance was weakening across several key measures.
