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Australia’s labour productivity and costs 1991–2014 (as at 30 June each year, trend terms) Source: Australian Bureau of Statistics, Cat. No. 5206.0 – Australian National Accounts: National Income, Expenditure and Product, Table 1. Key National Accounts Aggregates, Time Series Workbook (released 3 September 2014); Austrade Growth in productivity is outpacing labour costs. Australia has enjoyed a sustained period of labour productivity growth exceeding growth in real wages. Over Australia’s 23 years of consecutive economic growth, labour productivity has recorded a compound annual growth rate of 1.8% per annum, while real unit labour costs have fallen by 0.5% each year. Australia has experienced particularly strong labour productivity growth over the past two years, with growth of 1.9% in 2012–13 and 2.6% in 2013–14. During this same period, real unit labour costs have broadly remained stable, indicating that the effective cost of labour has remained in line with productivity improvements. Entry rates into tertiary education 2012 Note: Entry rates represent the percentage of an age cohort that is expected to enter a tertiary program over a lifetime. New entrants data for international students is not specified.The entry rates for tertiary type-A programs include the entry rates for tertiary type-B programs. Type-A refers to largely theory-based programs designed to provide qualifications for entry to advanced research programs and professions with high skill requirements, such as medicine, dentistry or architecture. Duration >3 years full-time and not exclusively offered at universities. Type-B refers to shorter programs focused on practical, technical or occupational skills for direct entry into the labour market, although some theoretical foundations may be covered. Minimum 2 years full-time equivalent at the tertiary level.New entrants data by age is not specified.Source: OECD, Education at a Glance 2014, Table C3.1, (last updated 4 September 2014); Austrade AUSTRALIA New Zealand Norway Denmark USA Russia South Korea UK Finland Netherlands Portugal Sweden OECD av Ireland Germany Austria Spain Japan Italy Switzeralnd France Belgium Luxembourg Indonesia China Expected % of population Australia is a global leader for tertiary education entry rates. Australia has one of the highest entry rates into tertiary type-A education in the world at 102 per cent, including international students. This is well above the OECD average (58%), the USA (71%) and the UK (68%). Australia’s tertiary education entry rate is also much higher than Asian countries such as South Korea (69%), Japan (52%) and China (18%). The high rates of tertiary education underpin Australia’s position as the number one developed country in terms of real GDP growth. The Last Sentry at the Gate: Clive Palmer & the 44th Parliament of Australia 43


THe Last Sentry at the Gate 1
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