Business investment is at recession levels as Australia’s productivity growth slumps to 30th out of 35 rich countries, according to a new McKinsey report that warns declining living standards are now a “national emergency”.
Australia has had zero labour productivity growth since 2016, showing up in higher costs for business and consumers, weaker real incomes and declining competitiveness for investment, McKinsey said in the report, Reviving the ‘golden goose’ of Australia Inc.
Source: https://www.afr.com/policy/economy/australia-is-now-an-economic-problem-child-mckinsey-20241205-p5kvzy