Startling new research from the Centre for Future Work shows that Australia’s economy is now regressing in its use of new technology, with negative implications for productivity, incomes, and job quality.
Major findings:
- Business investment in new machinery (including robots) is weaker than at any point in Australia’s post-war history
- Business spending on new research and technology has been falling in Australia and now ranks well behind the average of other industrial countries
- The average amount of machinery and equipment used by the typical Australian worker has been declining since 2014, falling by 6%
- Average productivity in Australia’s economy has also been declining for three straight years — the weakest performance in Australia’s post-war history
“Australian businesses are not investing nearly enough in new technology,” said Dr Jim Stanford, Economist and Director of the Centre for Future Work.