New productivity report sheds light on work and costs
INSIGHTS FROM PRODUCTIVITY REPORT
The Productivity Commission's five-yearly productivity report includes a range of fascinating insights into work, costs and innovation. "Productivity" basically compares the ratio of output produced by firms to the inputs used.
RECOMMENDATIONS
* Report includes 71 ideas to kickstart Australia's sluggish productivity growth.
* Better targeting of university support to areas of skills needed.
* Better analysis of major projects to avoid cost blowouts and delays.
* Improve the way health care and other services use innovation and are sourced and funded.
* Back the safeguard mechanism to drive down emissions, and broaden it to more sectors.
* Move towards a nationally consistent road-user charging system.
HOW THINGS HAVE CHANGED - HOURS OF WORK TO PAY FOR GOODS
1901
Double bed - 185 hours
Rent - 20 hours
Loaf of bread - 18 minutes
2000
Double bed - 37 hours
Rent - 11 hours
Loaf of bread - six minutes
2019
Double bed - 18 hours
Rent - nine hours
Loaf of bread - four minutes
HOW OUR PRODUCTIVITY COMPARES
* In Mexico, where labour productivity is 66 per cent lower than Australia, the average worker would need to work about four times as long to afford food, compared with an Australian on the average wage.
* In the United States, where labour productivity is 20 per cent higher than Australia, an average worker would need to work 17 per cent less to afford food, compared with an Australian on the average wage.
* Australian productivity is growing at its slowest rate in 60 years.
