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.
Australian workers to have longer careers and lower incomes, says Productivity Commission.
