CANBERRA, ACT, May 19 -- The Treasurer of Australia issued the following media release:
The Albanese Government welcomes the Productivity Commission's call for submissions on priority reform areas released today.
We're determined to make Australia's economy more prosperous and productive and this work from the PC is an important part of that process.
The Albanese Labor Government inherited the largest quarterly fall in productivity in 45years, with productivity going backwards by 2.4percent in the June quarter 2022 - the largest quarterly fall since June quarter 1979.
Over the decade to 2020, average annual labour productivity growth in Australia was the slowest in 60years, falling to just 1.1percent compared to 1.8percent over the 60ye...