The politicians who joined the pile-on against Tim Gurner don’t push for policy reforms that would help the economy sustain a jobless rate below 4 per cent.
might have unleashed a truth bomb that has been heard around the world about the puzzle of Australia’s worsening post-pandemic productivity slump.
The video of Mr Gurner’s comments went viral on social media and generated headlines across international media. The clip posted on theIt was shared with her 13.3 million followers by far-left Democrat Congresswoman Alexandria Ocasio-Cortez as she railed at the gap between workers’ and CEOs’ pay. Meanwhile, Liberal and Labor MPs, union bosses and some business leaders lined up to brand the comments “out of touch”.
Dr Lowe warned that Australia faced a material risk of stagnating living standards unless productivity rebounded. With a falling level – not just a fall in growth – of productivity, the labour cost of producing each unit of economic output is growing by more than 7 per cent a year. That’s simply not consistent taming inflation and ending the cost-of-living squeeze.
The main exception is in the resources sector, due largely to the temporary surge in commodity export prices that needs to be quarantined from the domestic economy’s cost structure.
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