KPMG’s experts detail Australia’s productivity status and where attention needs to be directed to improve it.
KPMG’s experts detail Australia’s productivity status.
Australia’s future economy relies on abundant productivity, but there is no simple formula to boost it and sustain it long term. The old equation of effort versus results won’t suffice in the complex, competitive, interconnected future that awaits. It’s time to reinvent the wheel, apply innovative approaches, and deliver results that ensure Australia thrives.
Every element of the productivity sum must be considered, as each impacts the other. From infrastructure development to up skilling people for jobs that are yet to be conceived. From housing affordability to the impact of technology and Artificial Intelligence on workforces and cities. Migration levels, funding a rapidly ageing society and sustaining the healthcare sector are of course integral. Rethinking international trade agreements, and planning to overcome vast debt, are also key.
KPMG believes that failing to implement reform in each of these areas now, and hoping that business as usual will suffice, is irresponsible. Australian governments, industries and businesses must create new formulas with fresh solutions.
Reforming all of the elements that boost Australia’s productivity is a chance to set the foundations for a sustainable economy, with opportunity for all.
KPMG Economics investigates the role of capital and labour in driving economic growth in Australia.