Since the internet boom of the 1990s, productivity has slowed and real incomes have suffered as a result, according to a new report.
Australians have missed out on a potential real income boost of $25,000 a year due to a slowdown in productivity growth since the internet boom of the 1990s, the Productivity Commission estimates.
Over the last decade, Australia’s productivity growth has averaged 1.1 per cent per year – the slowest growth rate in 60 years.released on Friday that for the 95 per cent of workers employed outside of mining and agriculture, had productivity growth been maintained from 1995 to 2023 at the 2.2 per cent average level recorded in the 1990s, then real annual average incomes would today be $25,000 higher.
These include hoarding of excess labour in a tight labour market, the rise of work from home, a lack of economic reform, the shift from manufacturing to a service economy, businesses managers failing to adopt new technologies to make workers more efficient, too much red tape on firms and a natural decline in technology advancements since the invention of one-off breakthroughs such as motor vehicles, electrification and the internet.
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