Labor’s globalist ‘open borders’ extremists might want to have a chat to their buddies at think tank Per Capita. Because their latest report explicitly argues that Australia’s persistently high labour market slack has contributed to lower investment, lower wages, as well as reduced innovation and productivity:
Over the past few decades the Australian economy has seen a significant drop off in private sector productivity investment…
Measures of Research and Development (R&D) spending by corporations, an important precursor to increasing productivity, have been very low in Australia for some time… our national gross R&D level is now among the lowest in the developed world. The private sector in Australia has consistently failed to adequately engage in R&D and capital investment…
The full text of this article is available to MacroBusiness subscribers
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
