Improving productivity is about driving business growth, wage growth and a better quality of life for the people of New South Wales. There are a number of levers the Government can pull to drive productivity growth in both the public and private sector, including
- improving information so consumers, patients and citizens can make better and more informed decisions, and drive competition and innovation between goods and service providers
- ensuring there are minimal barriers to doing business, including by reducing regulatory complexity and ensuring the government is supporting skills development, so businesses have access to a diverse and highly skilled workforce; and also by
- providing leadership for new or innovative approaches to solving problems, for example by developing data sharing and ICT strategies to support digital services
The Commissioner's focus, while broad, will be predominantly focused on providing advice to government on four key areas
- making it easier to do business
- lowering the cost of living
- improving housing affordability; and
- making it easier to move to NSW
Productivity growth is essential for ensuring we reap the biggest benefits from our our assets: that is, our people (human capital), our physical assets (traditional capital), our knowledge and capability, and the available technology and research.
Increasing productivity is fundamental for businesses. The more productive their operations, the more money they can bring into their businesses. This means more opportunities to expand, invest and employ.
For the people of NSW, productivity improvements in the economy mean more income for them – a greater ability to buy goods and services, enjoy leisure, access better housing and have an overall better standard of living.
Productivity growth is crucial to attracting and retaining the people, ideas and capital we need to secure the State’s long-term economic future. The flow-on benefits from productivity gains will lift living standards across the State’s economy.