Paul Krugman’s oft-quoted line that “productivity isn’t everything, but in the long run it’s almost everything” was never more apposite. Australia’s labour productivity growth averaged 1.2 per cent a year since 2005, about half the rate during the 1990s. Over the past five years it has averaged just 1 per cent.
Robots will become common in the service sectors of the future. Getty AsiaPac
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Richard Holden is professor of economics at UNSW Business School. Connect with Richard on Twitter.
