Howard's IR laws are not going to help Australia catch up with the world's productivity leaders, according to an analysis by Peter Costello's Treasury Department.
The analysis, which flies in the face of Mr Costello's view that industrial relations reform will be the main source of productivity growth, shows there will be bigger pay-offs from investment in education and by business investing more in capital equipment.
The public admission follows secret treasury analysis, rejected by Mr Costello, that workplace reforms would deliver smaller wager rises for low income earners and cut productivity growth.
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