Rising productivity is essential for a sustainable economy. Without productivity, growth without inflation stops, and so does the ability to innovate and adjust in a future world where the technological frontier will be forever shifting.
Since 2003, Australia’s productivity growth has been just 0.6 per cent. Since 2015, 0.2 per cent. In the past five years, nothing at all.
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Adrian Blundell-Wignall writes on the world economy and is a former director of the OECD. He is currently in Paris.
