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Gross Domestic Product surged to 3 per cent, way above the expectations of pretty much all the experts, and far better than our own recently downgraded long-term expectations for 2.5 per cent.
But buried in among all the data was the continuing tale of our abysmal productivity.
Those who argue the connection usually confuse two very different concepts: profitability and productivity. But when it comes to Australia, labour has performed reasonably well.
Our big problem, since about 1995, has been a huge underperformance in capital productivity. Labour productivity has easily outstripped capital productivity for the past two decades, and always by a wide margin.
As for evidence, you need look no further than economic growth statistics produced a fortnight ago.
True, the raw numbers showed the economy was booming.
The report noted: Before the union movement raises a victory salute over this stunning outperformance - Workers 1, Bosses Nil - it's worth bearing in mind that labour and capital don't operate in separate universes.
"Productivity isn't everything, but in the long run it is almost everything.A country's ability to improve its standard of living over time depends almost entirely on its ability to raise its output per worker." - Paul Krugman. There are many who would argue that, yes indeed, Australians have had it so good for so long, that they have yet to realise the impending dangers posed by the forces of globalisation.