We also have to acknowledge that there remain deep structural weaknesses in our economy that prevent faster growth and higher labour absorption. These structural weaknesses, notwithstanding the legacy issues mentioned earlier, also include uncompetitive product markets, low levels of fixed capital investment, a low savings rate, inadequate progress in improving education and training and poor public services.
Of particular concern has been the fact that the two sectors in the economy most intensive in low skilled workers, mining and agriculture, have shed jobs for much of the past twenty years.