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THE ACCORD AND PRODUCTIVITY IN THE AUSTRALIAN MANUFACTURING SECTOR
Abstract
Productivity enhancement is at the forefront of the current programmes of microeconomic reform and award restructuring. However, the combination of the effects of the Accord, high real interest rates and restrictive demand management policies are constraining labour productivity growth. Technical progress in the Accord period has been largely capital augmenting, a reversal of earlier trends. The implication is that productivity growth is likely to be low in the future despite the emphasis of current supply side policy measures.
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NOTES AND REFERENCES
Morris P.. 1989. . Award Restructuring: the Task Ahead . , Canberra : : Australian Government Publishing Service. .
Skinner W.. 1986. . The productivity paradox. . Harvard Business Review . , Vol. 64((4)): 55––64. .
Bureau of Industry Economics, Manufacturing Industry Productivity Growth: Causes, Effects and Implications, Research Report No. 21, Australian Government Publishing Service, Canberra, 1986.
OECD, ‘Total factor productivity’, OECD Economic Outlook, 42, December 1987, pp. 39–48.
Budget Statement No. 2, 1989/90, p. 2.51, Australian Government Publishing Service, Canberra.
Output: Gross product at 1984/5 prices, manufacturing. Labour: total person hours of employment, manufacturing. Capital: average net capital stock, manufacturing. Productivity: output growth less input growth. Real unit labour costs: average for the non-farm sector.
C. Harris and R. Lattimore, Studies of Productivity Growth and Technical Efficiency in Australian Manufacturing, Bureau of Industry Economics, Working Paper No. 56, Canberra, 1989.
Economic Planning Advisory Council (EPAC), Productivity in Australia: Results of Recent Studies, EPAC, paper No. 39, Australian Government Publishing Service, Canberra, 1989.
B. Hughes, J. Burgess and W. Dunlop, Neoclassical Formulation of Productivity Growth in Manufacturing, Department of Economics, University of Newcastle, Research Report No. 172, 1990.
The trends in the Westpac/Confederation of Australian Industry survey are contained in Budget Statement, ibid., p. 2.21.
D. Moore ‘Industrial relations and the failure of the Accord: what should be done?’, Australian Bulletin of Labour, June 1989, pp. 153–183.
op. cit.
For evidence of downturn in manufacturing expectations see Westpac Review, 37, December 1989, p. 4.