The Minister for Infrastructure and Transport, Anthony Albanese, has outlined the federal government’s approach to infrastructure and productivity in an address to The Sydney Institute.
- Listen to Albanese’s speech (27m)
- Listen to the Question & Answer session (35m)
Transcript of Infrastructure and Transport Minister Anthony Albanese’s speech to The Sydney Institute.
Infrastructure: Driving Productivity
“Productivity isn’t everything, but in the long run it is almost everything.”
So said Paul Krugman in his “The Age of Diminished Expectations”.
It’s no secret that Australia’s overall productivity rate has fallen over the past decade.
There are some who argue that the solution lies totally in industrial relations.
This is ideologically driven.
The fact is that Australia’s labour productivity is in the top dozen of international performers.
As the Australian National University’s Dean Parham pointed out recently, in recent years labour productivity has increased by 3.3 per cent per year.
Whilst this has occurred, capital productivity has actually declined by 4.3 per cent.
So the truth is that addressing productivity requires more than the simplistic slogans of those who would seek to return to WorkChoices under another name. [Read more...]