At least you have to give business credit — it is consistent. No matter what the actual facts say about how one builds prosperity and how an economy thrives, we keep hearing the same whinging and hand-wringing: the economy suffers from a lack of productivity and that is holding down growth. Uh, nonsense.
This is all going to be in the wind as the government rolls out its review of the Fair Work Act. Surprise, it’s been good for workers:
”After considering the economic aspects of the Fair Work Act the panel concludes that since the Fair Work Act came into force, important outcomes such as wages growth, industrial disputation, the responsiveness of wages to supply and demand, the rate of employment growth and the flexibility of work patterns have been favourable to Australia’s continuing prosperity,” it says. It also criticises Work Choices. ”Of the four bargaining frameworks over the last 20 years, Work Choices is least like the others. Its period of effective operation was relatively brief and during that period it was significantly amended.” [emphasis added]
Q. Which one of the following do you believe will be the most important factor in Australia’s economic prosperity over the next 20 years?
|Total||Vote Labor||Vote Lib/Nat||Vote Greens|
|A strong resources sector||29%||29%||35%||18%|
|Continued growth in China and India||21%||23%||22%||24%|
|Investment in skills||20%||22%||16%||23%|
|Prioritising innovation and technology||18%||18%||13%||31%|
|A strong banking and finance sector||12%||9%||13%||5%|
29% believe that a strong resources sector will be the most important factor in Australia’s economic prosperity over the next 20 years and 21% nominate the continued growth in China and India. Labor and Coalition voters were more likely to niominate “a strong resources sector” while 31% of Greens voters nominated “prioritising innovation and technology”.
Those on higher incomes were more likely to nominate “a strong resources sector “ – 36% of those on income $1,600+ pw.
There were no major differences by age group.
Read Essential's ongoing research on the public response to Covid-19.