Prior to a study revealing that Australia’s productivity growth has dropped to its lowest level in 60 years, the federal Treasurer suggested a change in the methodology used to measure the country’s productivity.

The most recent Productivity Commission five-year report, which shows that productivity growth has averaged just 1.1% a year, will be released by Jim Chalmers on Friday.

He said that the research demonstrated that “Australia has a productivity problem” and blamed the coalition government for a “wasted decade” in a speech he delivered on Thursday to the Council for Economic Development of Australia (CEDA) in Brisbane.

“We all want to turn the headwinds described in this report into tailwinds in our economy,” Dr Chalmers said.

“We all want better living standards. We all recognise the central role of productivity growth in that endeavour and in that effort.



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