Suchergebnisse

AbstractSince the turn of the century, multifactor productivity has stagnated. Australia's income growth was supported until recent years by strong growth in the terms of trade and investment, but the terms of trade have been falling since 2011, and investment is slowing. To maintain at least the modest growth rate of the last decade, long term multifactor productivity growth needs to recover. The last decade or so has seen productivity challenges arising from natural resource depletion, as new mines were more costly to develop, and as technological replacements for environmental services, such as desalinisation plants, were increasingly introduced. Lags in the time required to bring major investments online also contributed to the poor performance. More broadly, shifts in tastes and technology have delivered quality improvements to consumers without increases in price commensurate to the additional inputs required, a trend that dampens nominal GDP growth and measured productivity.

AbstractOver the last decade or so in Australia, relative wages have declined in some female‐dominated occupations, notably in the care industries. This article argues that the strong growth in labour force participation of mature‐aged women has allowed wages to remain low in these 'managed' industries. Limited mobility across industries and occupations, at least in part due to preferences for part‐time work, and an institutional wage‐setting mechanism also play a role. Growing demand for workers in the care industries, rising skill levels of women, and slowing growth in participation as rates converge with those of men will contribute to stronger wage growth in the future.