Shayne Elliott

Productivity's been declining for a couple of decades, and they seem unable to get out of it.

Well, let's define productivity, 'cause I was talking to Shayne Elliott, the former head of the, uh, ANZ recently, and he said, "People hear the word productivity and they glaze." What does it mean?

Well, the, the, the simple way to measure it, which most people do, is simply GDP per hours worked.

So they, they add up all the hours that are worked by everybody in the economy, and they divide that into GDP, and they look at it over time, and that's, uh...