The Department of Prime Minister & Cabinet’s outgoing secretary Martin Parkinson says Australia’s productivity growth has fallen below global standards. He warns that growth in Australia’s living standards will decline over the next decade unless action is taken to boost productivity. Parkinson adds that political instability and policy uncertainty may have contributed to the fall in productivity over the last decade. From The Australian:
“We have fallen behind in global productivity,” Dr Parkinson told The Australian. “For whatever reason, our productivity performance is not keeping up.
“Over the next decade, our living standard growth is going to fall; it has fallen, and will continue to fall partly as a consequence of the inevitable ageing of the population and the fact we are not getting the same boost to participation.
