What Is Australia Productivity Performance Over The Period Of 2003 To 2003
Introduction:
The fundamental of report is to analyze the Australia productivity performance over the period of 2003 to 2013. A comparison of the relationship and interaction between GDP growth and labor productivity growth of this decade and offering deeply study on data as secondary objective. A discussion on measurement and policy published by the Australian government against significantly decelerated productivity growth and it impact on Australia’s economy.
Economists have long recognised that productivity is a Good Thing (in the Sellar and Yeatman (1930) sense) it directly measuring resident’s living standard in a country. The productivity also reflected how efficient dose an individual labor generating an economy output. The productivity
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First of all, there is a labour hoarding in recession period to decline productivity that generate a pro-cyclical pattern of labour productivity. Additionally, the increasing in employment during expansions consequence recruiting more marginal workers and create anti-cyclical productivity (Quiggin, 2011). Furthermore, only rely on the number of workers is hard to measure labour productivity accurately. Because, numbers of worker including part-time or full-time worker, and someone them may absent when they sick. So, using the GDP divide number of hour reflect the actual productivity performance more …show more content…
Both of the GDP and labour productivity growth rate has decelerated dramatically from 2003 to 2013 compared to their strong performance in 1990s. Furthermore, the growth rate of labour productivity is negative (-0.005 per cent) from 2007 to 2008 because of the Global Financial Crisis. At the same time the economic growth also has a sharp declined from 0.045 per cent to 0.28 per cent. On the basis of Meng, Rosenthal and Rubin (1992, p. 172), correlation coefficient normally used to indicate the linear relationship between two variables. It can be defined as covariances of the variables divide the standard
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