Medium-term productivity assumptions underpinning federal budget forecasts have been downgraded from 1.5 per cent to 1.2 per cent, worsening the budget deficit by billions of dollars and adding about $50 billion to government debt by 2033.
The medium-term productivity assumptions underpinning the federal budget forecasts have been downgraded from 1.5 per cent to 1.2 per cent, worsening the budget deficit by billions of dollars and potentially adding about $50 billion to the government debt by 2033.
“Australians are paying the price for nearly a wasted decade on productivity under the Liberals, and the cost of that neglect will be reflected in the budget. The federal government’s net debt would blow out by an extra $500 billion, or an extra 22.7 percentage points as a share of GDP by 2060-61, the IGR projected.interim report by the Productivity Commission,
The commission is charged with releasing a report on productivity every five years and the latest report finds 2020 topped off the worst decade for productivity growth in more than 50 years, which lowered wages growth, and will hold back national income if not rectified., was released in 2017 and contained dozens of recommendations, many of which required federal-state cooperation, but were never acted upon.
In commissioning the 2022 report, then treasurer Josh Frydenberg asked for a particular focus on the fault lines exposed by the pandemic and how to help governments enhance productivity in the post-pandemic era.
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