ANALYSIS: Productivity is normally a slow burn issue but a sharp drop is putting the government, business and home borrowers in the firing line.
, federal and state governments needed to follow the “big bang” tax reform successes of the Hawke-Keating and Howard governments.
Banks warns that Australians will miss out on a $10,000 pay rise unless Chalmers stops “shooting the messenger”. He urged the treasurer not to dismiss the commission’s recommendations such as on energy and liberalising workplace relations, the latter which Chalmers has derided as “scorched earth” policies.
Worryingly, Australia’s economy and businesses are becoming less dynamic, according to a growing body of research from Treasury, the RBA, OECD, e61 Institute and the Committee for Economic Development of Australia.. The divergence in technology and innovation between global frontier firms, such as miners like BHP, and laggards has widened – dragging down overall productivity.Advertisement
Companies may be complacent. In a potential sign of a failure of competition, big companies are remaining at the top for longer and there has been a decline in the number of new firms starting up to disrupt incumbents. and have become too cosseted. ACCC chairwoman Gina Cass-Gottlieb wants tougher competition laws to require companies to gain formal clearance before pursuing any mergers. She wants broader powers to stop mergers, including over deals that entrenched existing market power.
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