BIS central bankers’ speeches  5  Graph 7  So in summary: our population is growing rapidly, it is increasingly diverse and it is getting older. I will return to these themes in a few moments. But before I do that, I would now like to turn to the issue of productivity.
Productivity and innovation As I have spoken about before, Australia faces a major challenge here.2 Looking back over the past two decades or so, we have enjoyed faster growth in real per capita income than almost any other advanced economy. In the 1990s, we benefited from strong productivity growth.