New Worker Influx Slowing Productivity: Treasury Secretary

Published on November 12, 2024

The Treasury says an influx of new workers is the reason behind Australia’s slowing productivity over the past year. During a recent Budget Estimates hearing, Treasury Secretary Steven Kennedy presented his department’s view on Australia’s economy. While the federal government has been optimistic about the strength of the labour market, Kennedy acknowledged productivity was an issue, but his reasoning was different. The latest data from the Australian Bureau of Statistics showed that employment increased by 434,900 in the 12 months to September 2024, up from 394,300 in the previous year. Meanwhile, a recent report by the Productivity Commission indicated that labour productivity dropped 0.8 percent across the economy in the June quarter, and increased by 0.5 percent in the 12 months to June 2024....

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