A new study has found that Australia’s productivity growth has declined markedly in the past two decades and is currently at the lowest level in 60 years.
According to the Productivity Commission’s (PC) latest interim report, Australia’s labour productivity growth fell from around 2.3 percent in 1990-2000 to about 1.2 percent in 2010-2020, which was well below the 60-year average of 1.7 percent.
Although similar situations were also witnessed in other developed countries, Australia’s labour productivity ranking fell ten places from sixth in the OECD to sixteenth between 1970 and 2020.
The PC said while Australia’s productivity had dropped to its lowest rate since the mid-20th century, it was possible to improve the performance of the country’s workforce….