Australians Set to Work Longer and Earn Less in the Future: Productivity Commission
Australians will need to improve productivity levels if better standards of living are to be achieved, says Federal Treasurer Jim Chalmers.
The Labor treasurer predicts Australians will work two extra hours in the future while earning 40 percent less if the country fails to lift its game.
In a speech to the Committee for Economic Development of Australia (CEDA) in Brisbane on March 16, Chalmers blamed the Coalition for a “wasted decade,” and said that “Australia has a productivity problem.”
“We all want to turn the headwinds described in this report into tailwinds in our economy,” Chalmers said.
“We all want better living standards. We all recognise the central role of productivity growth in that endeavour and in that effort….