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Westpac economist Pat Bustamante has released a detailed report on the 2023-24 annual national accounts, which showed that the economy grew by 1.4% over the year.
Bustamante notes that with public demand transitioning to a new record share of the economy, measured productivity growth will necessarily remain soft.
Westpac shows that productivity growth in the non-mining market sector was 1.8% in year average terms over 2023-24.
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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.