Scott Morrison and his international counterparts have received a report card on how they are performing in pursuit of economic growth.
'Could do better' would appear to be the mark.
The treasurer is in the German spa town of Baden-Baden for the G20 meeting of finance ministers and central bankers.
The Organisation for Economic Cooperation and Development has released its 2017 edition of 'Going for Growth' at the meeting.
The Paris-based institution believes a prolonged period of stagnating living standards has affected a large share of the population in many countries, and is undermining confidence in governments' reform agenda.
"Growing political headwinds is clearly one factor contributing to the steady slowdown in the pace of reforms," OECD chief economist Catherine Mann says.
"Yet governments in most countries need reforms of structural and macro policies both to escape the low-growth trap and prepare for rapid technological changes."
On Australia, it says there has been notable progress in the past two years through the government's innovation policy, which has added impetus to reform.
But it must press on with competition changes through the Harper review, along with road construction and broadband upgrades.
While welcoming the government's plan to cut the corporate tax rate and reforms to the superannuation taxation, the OECD has again noted consumption taxes like the GST are "relatively light" while income taxes are "heavy".
It says there should be a wider package of tax reforms that raises the 10 per cent GST rate or broadens its base, while making further cuts to direct taxation and the removal of inefficient taxes such as state levies.
At the meeting, Mr Morrison will take the opportunity to hold talks for the first time with new United States Treasury Secretary Steven Mnuchin, as well as China's newly appointed Finance Minister Xiao Jie.
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