Australia’s productivity drops to 60-year low

Limited incentives: Pedestrians pass the Australian Securities Exchange in Sydney. After winning a majority in parliament, Prime Minister Anthony Albanese’s government is positioned to take the hard steps economists have called for to ignite growth. — Bloomberg

SYDNEY: Australia’s Productivity Commission (PC) has identified 15 priority reforms to examine in the course of five inquiries it’s conducting for the government to try to boost economic efficiency and raise living standards.

Productivity growth is at its “lowest ebb in 60 years”, said Danielle Wood, chair of the commission, highlighting the urgent need to tackle the issue. Australia’s long economic expansion has dulled enthusiasm for politically risky change, leading to calls for a renewed reform agenda as the economy begins to sputter.