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The Business Council of Australia (BCA) has argued in a paper released in the lead-up to the Jobs & Skills Summit that wages growth is “inextricably” tied to productivity. The BCA believes that wages growth of above 3% can only be achieved if GDP growth of more than 3.5% can be sustained.
“The key to higher wages and better living standards is a more productive economy,’’ Business Council chief executive Jennifer Westacott said.
“Australians won’t feel like they can’t get ahead until we solve the critical challenge of weak productivity growth”…
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About the author
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.
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