Boosting pay packets key focus of productivity reboot

March 16, 2023 03:38 PM AEDT | By AAPNEWS

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Boosting pay packets key focus of productivity reboot — Image source: AAPNEWS

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Ways to bolster the pay packets of Australians while dealing with climate change, the digital revolution and global tensions will be outlined in a major new report.

The Productivity Commission's 1000-page inquiry, to be released in full on Friday, will contain 71 suggestions to kickstart Australia's sluggish productivity performance that's weighing on personal incomes and overall prosperity.

Treasurer Jim Chalmers said there were no easy wins in the report.

"All are complex and none will respond to quick-fix, easy win, whack-a-mole policy making," Dr Chalmers told a Committee for Economic Development of Australia event in Brisbane.

The report will identify five key trends: the growing services sector, the costs of climate change, the need for a more skilled and adaptable workforce, the growing role of data and digital technology and how economic dynamism is impacted by geopolitical tensions.

And the 71 recommendations will be nestled under five overarching action areas, including building an adaptable, skilled workforce, and lifting productivity in the non-market sector, which includes health, social services and education.

The blueprint for future productivity growth will contain suggestions to better harness data and digital technology and improve economic dynamism by "fostering competition, efficiency and contestability in markets".

The report will also outline opportunities to reach net zero emissions while limiting the productivity damage caused by climate change.

Failing to boost Australia's economic performance will have dire consequences for future living standards, with workers in the future likely to earn less and work more if productivity doesn't improve.

Australia is slipping down the global productivity ranks and growth has reached its slowest point in 60 years, averaging 1.1 per cent a year.

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