Australian economy to remain productivity challenged

Westpac economist Pat Bustamante has released a detailed report on the 2023-24 annual national accounts, which showed that the economy grew by 1.4% over the year.

Bustamante notes that with public demand transitioning to a new record share of the economy, measured productivity growth will necessarily remain soft.

Westpac shows that productivity growth in the non-mining market sector was 1.8% in year average terms over 2023-24.