Australia's economy is becoming more concentrated, and dominant firms are increasing prices.
"The job-switching rate has fallen. The business start-up rate has declined. The largest firms have increased their market share. Mark-ups have increased.He says the deterioration in these economic indicators has coincided with the slowdown in productivity growth.
"There is also evidence that declining competitive pressures are one of the main reasons Australian firms have become slower to adapt, innovate and improve their productivity performance." "In 2001-02, the market share of the largest four firms averaged 41 per cent. By 2018-19, this figure had risen to 43 per cent," he says.
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