Chalmers told Wednesday’s gathering:Our productivity problem didn’t show up two years ago, it showed up two decades ago. Stalled productivity growth has translated into real wage stagnation and a prolonged cost-of-living crisis. Causes of lower growth and productivityMuch of the drop in productivity growth occurred during the commodity boom, when a high Australian dollar made our trade-exposed industries less competitive. The government’s major effort to diversify our narrow trade and industrial structure, and in so doing reinvigorate productivity growth, is its new industrial policy framework. Restoring Australia’s productivity growth is a huge task.

Source: The Nation November 13, 2024 19:02 UTC