Opinion
Why JobKeeper may be part of our productivity problem
Australia’s productivity has stagnated since the COVID-19 pandemic, while US has charged ahead over the past 18 months.
John KehoeEconomics editorAn anxious Reserve Bank of Australia is hoping for a pick-up in labour productivity this year to help alleviate the economy’s inflation problem.
Workers producing more goods and services, more efficiently, is the secret sauce that allows the economy to grow faster without stoking inflation. If workers are more productive at producing things, businesses can afford larger pay rises without passing on higher costs to consumers.
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