Opinion
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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Original URL: https://www.afr.com/policy/economy/hilmer-reforms-of-1990s-helped-lift-productivity-we-can-do-it-again-20241114-p5kqmq
