Australians will be 40 per cent poorer by 2063 if the federal government is unable to turnaround lacklustre rates of productivity growth.
Australians will be 40 per cent poorer by 2063 if the federal government is unable to turnaround lacklustre rates of productivity growth, according to a highly anticipated report.
Productivity accounted for more than 80 per cent of national income growth over the past 30 years, and was the dominant factor in driving real wages, but growth has slowed over the past couple of decades. “In the PC view, the non-market services sector, including the care economy – which has averaged zero productivity growth since 2000 – will naturally expand and drag on productivity as our population ages,” Dr Chalmers says.While using the report as a launchpad for a debate on productivity, Dr Chalmers will hose down the prospect of Labor accepting all 71 recommendations, outlined across nine volumes.
By 2020, Australia had fallen to 16th in a ranking of most productive OECD countries, compared to 6th in 1970.
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