Five-yearly report devotes section to threat of climate crisis and suggests five ‘reform pillars’ to boost sluggish productivity growth
“Advancing prosperity” is the title – and hope – of the Productivity Commission’s major five-yearlyIts 1,000-plus pages include “29 reform directives and 71 specific recommendations”. It builds on the inaugural “Shifting the Dial” report released by the then treasurer Scott Morrison in 2017 with little apparent result.We don’t get wealthier over time unless we can produce more from a given amount of resources.The average growth in labour productivity over the 60 years to 2020 was 1.
The private sector, though, is not much of a wellspring of productivity growth. “Some 98% of Australian businesses do not produce new-to-the-world innovations,” the report said.The report singles out five “reform pillars”, including making workers more skilled and adaptable, harnessing data and digital technology, and boosting competition.
“[I]t is possible that under this new model, the FWC could make a change to awards that leads to gains for many workers even if some are made worse off,” the report said.
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