Federal Treasurer Jim Chalmers has called for an improvement in productivity levels to achieve a better standard of living in Australia. Speaking at a Committee for Economic Development of Australia event in Brisbane on March 16, Chalmers criticised the Coalition, blaming them for a “wasted decade” and highlighting Australia’s productivity problem. He predicted that Australians would need to work longer hours and earn 40% less if productivity does not improve. The Productivity Commission released a report on March 17, which found that Australia’s growth averaged just 1.1% per year, leading to a fall in productivity ratings. Chalmers suggested that achieving net zero by 2050, investing in people and skills, and creating a modern industrial base would help drive productivity gains. However, Chalmers criticised the Commission for not being fit for purpose, suggesting its structure and remit had not changed for 25 years.