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The average working week will blow out by two hours and wages will plummet 40% if Australia does not radically boost its productivity, Treasurer Jim Chalmers will say Thursday, sending a clear message that industry — including small businesses — must find an edge or fall behind.
A new five-year report from the Productivity Commission suggests annual productivity growth has collapsed to just 1.1%, according to a speech Chalmers is set to deliver before the Committee for Economic Development of Australia on Thursday.
An early excerpt of the speech, obtained by The Guardian and The Australian, suggests Australia’s productivity growth is at its lowest point in 60 years.
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