Question

Identify and discuss the factors determining the rate of productivity growth in Australia.

Identify and discuss the factors determining the rate of productivity growth in Australia.

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Answer #1

Answer:
Factors determining the rate of productivity growth in Australia are mentioned below:

  • The degree to which there's scope for a nation (Australia) to receive best-practice technology from other nations.
  • Rate of productivity growth will also depend on the level of investment in certain sorts of physical capital (e.g. plant and hardware and core public infrastructure)
  • Productivity growth will also depend on the resources which are being dedicated in the field of research and development.
  • The level of human capital of the labor force will also decide productivity.
  • The macroeconomic environment and nature of social and economic institition that Australia posses will also decode the rate of productivity growth.

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