Shocking graph shows dramatic fall-off in Australian labour productivity [Video]

Australians are getting poorer and a leading economist has produced a striking graph to explain the fall-off in living standards.

AMP chief economist Shane Oliver, in a post to X from Friday, shows off a graph displaying annual changes in labour productivity across several advanced economies.

Australia sits at the bottom of the group, registering a negative change in productivity, compared to a nearly 5 per cent growth rate in the US and 2 per cent growth in Norway.

“Australian labour productivity growth running at the bottom of the OECD … it’s the basic reason why living standards are falling in Australia,” Mr Oliver writes.

Labour productivity refers to the amount of goods produced by a worker in a set amount of time.

Higher or improving productivity means a worker produces more in less time.

It is a key indicator for living standards because greater productivity is often tied to …