Treasurer Hopes to Lift Australia’s Productivity With $900 Million Fund

In an attempt to tackle low productivity growth, Jim Chalmers is offering up to $900 million to states and territories to help them improve.

Australian Treasurer Jim Chalmers delivers his budget address in Canberra, Australia, on Oct. 25, 2022. Martin Ollman/Getty Images

Australian Treasurer Jim Chalmers has announced a new $900 million fund aimed at improving the country’s productivity, including infrastructure building.

Australia sits in the middle of OECD countries for productivity: behind the Nordic states, France, and the United States, but ahead of the United Kingdom, Canada and New Zealand, and the OECD average.