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OECD Economic Surveys: Australia 2012

image of OECD Economic Surveys: Australia 2012

OECD's periodic review of the Australian economy examines recent economic developments, policies and prospects. Special chapters cover strengthening adjustment capacity and productivity performance.

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Boosting productivity

Australia’s productivity growth has decelerated markedly around the turn of the century. Part of the decline is probably temporary, but raising multifactor productivity is key to ensure that living standards continue to grow strongly, especially if the currently strong terms of trade weaken over time. Recent efforts by the government are welcome. Ensuring responsive, high quality, vocational and higher education systems is indispensable to long-term growth. Raising the completion rate of vocational students, and enhancing the level of collaboration among the key innovation players are priorities. The productivity-enhancing effects of infrastructure could be boosted by more effective and strategic planning, new sources of funding, and better use of existing capacity. Efficient pricing for infrastructure services and rapid progress towards harmonisation of regulations across states would boost competition and productivity.

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