Hilmer reforms of 1990s helped lift productivity. We can do it again
Fred Hilmer’s reforms were groundbreaking because a series of small changes had a massive cumulative effect. With changes to competition policy, we could lift Australia’s GDP by up to $45 billion a year.
Vincent van Gogh once said that “great things are done by a series of small things brought together”.
Van Gogh could easily have been referring to the compounding effect of productivity improvements: over time, a series of small differences in annual growth rates can add up to large differences in overall living standards.
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Danielle Wood is the chairwoman of the Productivity Commission.
Alex Robson is deputy chairman of the Productivity Commission
