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Australians could see wages and living standards grow under a plan to address an issue that has been pulling the handbrake on the national economy for decades.
The <a href="https://bitcomme.com/quilters-adviser-<a href="https://bitcomme.com/air-pollution-costs-india-up-to-9-5-of-gdp-annually-ficci-ey-report-flags-productivity-losses/” title=”Air pollution costs India up to 9.5% of GDP annually, FICCI-EY report flags productivity losses”>productivity-drive-offers-scope-for-client-growth-says-rbc/” title=”Quilter's adviser productivity drive offers scope for client growth, says RBC”>Productivity Commission released a report on Thursday night that found making businesses more dynamic would help reverse the downward trend in productivity.
“A productive economy is constantly renewing itself through businesses starting, growing, adapting and closing where necessary – by these measures Australia’s economy has become increasingly stagnant,” Commissioner Alison Roberts said.
Productivity is the amount of value produced from the available resources and is linked to higher wages, cheaper and better-quality goods and services, bigger business profits and overall economic growth.
It has been a problem within the economy for decades, declining from a peak of 1.8 per cent in 2009-10 to 0.8 per cent in 2023-24.
The report found that Australia could raise productivity to 9.8 per cent if it brings up its management capability to that of the US.
