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Recent productivity outcomes and Australia’s potential growth

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Author Info

  • Robert Ewing

    (Treasury, Government of Australia)

  • Sian Fenner

    (Treasury, Government of Australia)

  • Steven Kennedy

    (Treasury, Government of Australia)

  • Jyoti Rahman

    (Treasury, Government of Australia)

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    Abstract

    In recent years, employment has grown strongly while output has grown modestly. This implies a weak growth in labour productivity that is difficult to interpret. In this article, we explore some possible explanations for recent economic growth and labour productivity outcomes, with a focus on developments in the composition of growth. We also examine whether recent productivity outcomes hold any implications for the Australian economy's potential growth rate. We find that recent weak growth in output and strong growth in labour are indeed unusual when compared with previous experiences. However, we also find that the uncommon circumstances surrounding Australia’s mining boom explain some of the output and labour conundrum.

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    File URL: http://archive.treasury.gov.au/documents/1304/PDF/03_Recent_productivity_outcomes.pdf
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    Bibliographic Info

    Article provided by Treasury, Australian Government in its journal Economic Roundup.

    Volume (Year): (2007)
    Issue (Month): 3 (September)
    Pages: 49-71

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    Handle: RePEc:tsy:journl:journl_tsy_er_2007_3_2

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    Related research

    Keywords: capacity; capital; economic growth; labour; productivity;

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    References

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    1. Robert J. Hodrick & Edward Prescott, 1981. "Post-War U.S. Business Cycles: An Empirical Investigation," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 451, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    2. Ben Dolman & Lan Lu & Jyoti Rahman, 2006. "Understanding productivity trends," Economic Roundup, Treasury, Australian Government, Treasury, Australian Government, issue 1, pages 35-52, March.
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    Cited by:
    1. Adam Young & Joann Wilkie & Robert Ewing & Jyoti Rahman, 2008. "International comparison of industry productivity," Economic Roundup, Treasury, Australian Government, Treasury, Australian Government, issue 3, pages 45-61, October.

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