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By Ssolbergj [ GFDL or CC-BY-SA-3.0] via Wikimedia Commons

Dynamic efficiency - the key to lifting Australia's productivity performance?

The need for Australia to lift its productivity performance is well recognised (see for example the International Monetary Fund’s (IMF’s) latest assessment of the Australian economy). With its terms of trade declining Australia can no longer rely on the willingness of the rest of the world to pay more for our exports to fund improved living standards. Part of the challenge is improving the efficiency of Australian firms and other organisations that produce the goods and services we consume as a community and export to the rest of the world. Read more...

Industrial relations reforms: boosting labour productivity?

Business leaders are citing impediments caused by the Fair Work legislation as a significant limit on labour productivity:Mr Argus (former BHP Billiton chairman) ... warn(ed) of a return to "the dark days of the 1970s" if labour market flexibility was not boosted. He said under the Fair Work laws, unions were resisting "management attempts to achieve efficiency"... Bureau of Statistics data shows little change in labour productivity growth under the Fair Work Act when compared to the period under Work Choices, while other measures of productivity have also weakened since 2000.( ‘Labor woeful on economic reform, says Argus’) The aim of such criticism, at a minimum, would be to widen ‘prohibit... Read more...

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