Recent productivity outcomes and Australia’s potential growth

Robert Ewing, Sian Fenner, Steven Kennedy and Jyoti Rahman
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Robert Ewing: Treasury, Government of Australia
Sian Fenner: Treasury, Government of Australia
Steven Kennedy: Treasury, Government of Australia
Jyoti Rahman: Treasury, Government of Australia

Economic Roundup, 2007, issue 3, 49-71

Abstract: In recent years, employment has grown strongly while output has grown modestly. This implies a weak growth in labour productivity that is difficult to interpret. In this article, we explore some possible explanations for recent economic growth and labour productivity outcomes, with a focus on developments in the composition of growth. We also examine whether recent productivity outcomes hold any implications for the Australian economy's potential growth rate. We find that recent weak growth in output and strong growth in labour are indeed unusual when compared with previous experiences. However, we also find that the uncommon circumstances surrounding Australia’s mining boom explain some of the output and labour conundrum.

Keywords: capacity; capital; economic growth; labour; productivity (search for similar items in EconPapers)
JEL-codes: D24 G31 L11 O47 (search for similar items in EconPapers)
Date: 2007
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:tsy:journl:journl_tsy_er_2007_3_2

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