Question Time Brief

Written by Claude Haiku 4.5 from the extracted text on 28 Feb 2026. It can miss or misread redacted and scanned pages. Check the source before relying on it.

This Question Time Brief prepared for the Treasurer addresses Australia's productivity challenges. Treasury attributes weak productivity growth to a "wasted decade" under the previous government, noting productivity fell 0.1 percent in the December quarter and 1.2 percent through-the-year, with the 2023-24 financial year showing flat growth (0.0 percent) despite 1.4 percent GDP growth matched by equivalent hours worked growth. The brief cites Treasury's October 2022 downward revision of productivity growth assumptions from 1.5 percent to 1.2 percent, aligning with a 20-year average rather than the historical 30-year average. Annual productivity growth averaged 1.1 percent between June 2013 and June 2022. The Productivity Commission assessment attributes recent declines to a "productivity bubble" bursting following pandemic-related industry closures. Treasury notes Australia's slowdown mirrors