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𝕯𝖝𝕯 𝖈𝖗𝖊𝖜 𝕿𝖚𝖗𝕶𝖎𝖈 𝕭𝖛𝖑𝖑
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Business investment is at recession levels as Australia’s productivity growth slumps to 30th out of 35 rich countries, according to a new McKinsey report that warns declining living standards are now a “national emergency”. Australia has had zero labour productivity growth since 2016, showing up in higher costs for business and consumers, weaker real incomes and declining competitiveness for investment, McKinsey said in the report, Reviving the ‘golden goose’ of Australia Inc.
Productivity – how efficiently labour produces goods and services – is the key determinant of living standards and contributed more than 80 per cent of income growth for the three decades before the pandemic, the Productivity Commission estimates.
Real household disposable income has flat lined over the past eight years, compared to 15 per cent growth in the United States, which has experienced a productivity boom since the pandemic.
Productivity – how efficiently labour produces goods and services – is the key determinant of living standards and contributed more than 80 per cent of income growth for the three decades before the pandemic, the Productivity Commission estimates.
Real household disposable income has flat lined over the past eight years, compared to 15 per cent growth in the United States, which has experienced a productivity boom since the pandemic.
