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THE ACCORD AND PRODUCTIVITY IN THE AUSTRALIAN MANUFACTURING SECTOR

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Productivity enhancement is at the forefront of the current programmes of microeconomic reform and award restructuring. However, the combination of the effects of the Accord, high real interest rates and restrictive demand management policies are constraining labour productivity growth. Technical progress in the Accord period has been largely capital augmenting, a reversal of earlier trends. The implication is that productivity growth is likely to be low in the future despite the emphasis of current supply side policy measures.

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By John Burgess

Productivity enhancement is at the forefront of the current programmes of microeconomic reform and award restructuring. However, the combination of the effects of the Accord, high real interest rates and restrictive demand management policies are constraining labour productivity growth. Technical progress in the Accord period has been largely capital augmenting, a reversal of earlier trends. The implication is that productivity growth is likely to be low in the future despite the emphasis of current supply side policy measures.

page: 356 – 359
Prometheus: Critical Studies in Innovation
Volume 8, Issue 2

SKU: 0810-90288629483

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