That’s why the G20 agenda is very pertinent for Australia, notwithstanding that we have enjoyed 20 years of reasonably steady growth. I dare say it is for the United States too. We are not just talking idly about other countries lifting their growth as an intellectual exercise. We are asking how to lift our own trend growth performance.
For Australia, one potential source of productivity improvement lies in the very fact that across a range of sectors the level of US productivity is much higher than our own. There may be various reasons for that, some of which we may be unable to emulate.