Treasurer Joe Hockey says the government is still looking at ways to speed up the economy through greater productivity and lowering the taxation burden.
Reserve Bank governor Glenn Stevens, during a speech on Wednesday, questioned whether Australia's long-term economic growth trend is lower than the 3.0 to 3.25 per cent that had been assumed for some time.
Mr Hockey told reporters in Sydney on Thursday that redefining the trend was one approach but he would prefer to look at ways to improve productivity and "speed up the capacity" of the Australian economy.
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