Angus Taylor, Dani Wood endorse summit to solve economy's biggest challenge
Productivity growth has been dismal for over a decade in Australia. Two of the economy's key figures support the idea of a summit to fix it.
Opposition treasury spokesman Angus Taylor and Productivity Commission chair Danielle Wood want a Productivity Summit to draw attention to one of the biggest issues plaguing the economy.
The languishing levels of productivity growth in Australia’s economy, and much of the developed world, has been a significant concern for economists and policymakers for years. Low levels of productivity can drive a decline in living standards and overall economic growth but fixing it remains a major challenge.
“There's the very short-term collapse in labour productivity, which is unprecedented — I've never seen anything like it,” Taylor told Capital Brief. “And the more I talk with chief executives and small business owners right across the country, the more they are really grappling with the scale of this problem.”
In this immediate post-pandemic period, Taylor is most concerned about the impact of the Albanese government’s industrial relations laws on businesses, the labour force and productivity.
