Productivity key to stabilising economy

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The latest National Accounts highlight the need for governments to not be complacent and allow industry to ramp up investment and productivity gains to shield against global economic instability according to Master Builders CEO Denita Wawn. “Gross domestic product grew by 0.6 per cent in the September quarter to be 5.9 per cent higher through the year driven by household spending and consumption,” she said recently.

“These figures are showing a return to pre-pandemic levels and have helped offset some global challenges, but signs of economic weakening are starting to emerge. We must not be complacent in addressing some of the systemic challenges on the supply-side which continue to ripple through the economy and will have realised impacts over the coming months.”

Ms Wawn said that while there are signs of easing in some materials and labour constraints that have increased the cost of goods and services for consumers, more can be done to put downward pressure on costs and improve productivity.

“The large economic footprint of the building and construction sector means that better productivity in our industry will flow to many corners of the whole economy. The Government needs to work constructively with industry to build resilience and drive productivity.”