The key points are:
The last decade has seen productivity stagnate in Australia. This has curtailed growth in living standards and real wages.
Policies to boost productivity include: deregulation; more housing supply; a cap on public spending; and tax reform.
Unfortunately, the political pendulum has moved against many of the necessary policies and the lack of a “crisis” like Labor faced in the 1980s may make many reforms difficult.
But the good news is that the Government now recognises the problem and is starting to focus on how to boost it.