Productivity Commission chairman Michael Brennan has warned the political class there are no "magic wands" to fix disappointing productivity growth, after the International Monetary Fund tipped real national income per capita to average lacklustre growth of just 0.3 per cent growth a year through to 2024.

Adding to a call by Reserve Bank of Australia governor Philip Lowe for politicians to apply a "laser-like focus" to productivity reforms to help lift subdued wages, Mr Brennan backed up that cry by calling for reforms to competition policy, regulation and the funding and design of the skills, health and education sectors.

"Productivity growth has been disappointing over the last few years in Australia, as it has been in many countries," he said in a statement to The Australian Financial Review.