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business1d ago
We’re working harder than ever. So why don’t the metrics show it?
- New analysis questions whether Australia’s productivity metrics reflect its shift to services, care and knowledge work.
- Experts say ‘phantom labour’ describes real work that current metrics fail to value.
- Productivity growth is debated amid a shift away from mining and manufacturing towards services.
- Labor productivity in Australia has shown weakness, prompting calls for better measurement.
- Policymakers link productivity to living standards, aiming to lift wages via regulatory reforms.
- Leaders argue the measurement gap widens the gap between what is produced and how it is valued.
- Experts advocate redefining productivity to reflect an economy built on services and care.
- Public and private sectors discuss the need for a better productivity ruler.
- The debate links to budget strategies aimed at reducing regulatory costs to spur investment.
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