Aussie Workers' Fear Factor Slams Productivity Growth

Australia's job market is experiencing a significant slowdown in productivity due to workers being too scared to take on new jobs, according to the Australian Bureau of Statistics.

The proportion of people moving jobs over the past year has fallen to its lowest level on record at 7.2% or approximately 1 million people.

This is a contributing factor to Australia's dreadful productivity growth, with Reserve Bank governor Michele Bullock warning that without a lift in productivity, real wage growth will continue to stagnate.

Australia's job mobility peaked during the post-COVID period in 2022 and 2023 when the national jobless rate fell to 3.5%, but it has since slumped to 4.4% with a record number of people in work.