“The size of our economy can grow as we add more people to it, and as we work for longer, but the holy grail of economic growth is productivity growth – doing more with less. Productivity growth is the key driver of per capita living standards over time.” Paul Krugman
Queensland’s productivity performance over the last decade has left a lot to be desired. Queensland labour productivity growth averaged 1.7% during the 1990s, but only averaged 1.1% during the first decade of the 2000s.
At present, Queensland is starting to see a cyclical improvement in productivity growth as the recent significant tranche of resources investment starts to pay dividends in the form of higher production and exports. These projections include a view that Queensland labour productivity growth will lift to average 1.8% per annum over the next five years.
An improved rate of productivity growth often goes hand in hand with skills development.
Having the skills to harness new technologies and techniques will be an important enabler of productivity for governments and businesses, with digital disruption (digital change) a key challenge for many sectors. This message is particularly true for manufacturing and engineering organisations. Manufacturing and engineering demands people have specialised skills such as welding, fitting and turning, toolmaking, electronics and electrical assembly, fibre glassing, Plastics injection moulding. The list of different materials and the skills required to fabricate products in engineering and manufacturing are almost endless so maintaining high levels of skills and adopting future skills quickly is paramount to the success of any engineering and manufacturing company....