A lesson in the importance of raising productivity, from Down Under
Most Canadians probably missed the Prime Minister’s speech on the economy on June 13, in which he talked at length about declining productivity and the threat it poses to the country’s future.
As the accompanying chart shows, Australia lagged Canada in 1990, with GDP per capita equal to just 85 per cent of this country’s. No economic story can be boiled down to a single factor, but one difference stands out: Australia has dramatically expanded its production of natural gas and the infrastructure for exporting that fuel in liquefied form.
the world’s top exporter. Canada has talked for years about LNG, but the first facility is still under construction.from S&P Market Intelligence noted that it takes an average of 17.9 years to build a mine in Canada, from discovery of a resource to the start of production, well above the global average of 15.7 years. And in Australia? Just 14.5 years, well under the average.
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