Slowing tech investment complicates Chalmers’ growth goal

Already a subscriber?Treasurer Jim Chalmers’ hopes of reversing a long-term forecast slump in Australia’s economic growth could be undermined by companies falling behind global peers in critical technology investment.

“What we’re seeing is a disproportionate amount of investment going towards building and structures as opposed to plant and equipment and, particularly, IT equipment,” Dr Rynne said. The Intergenerational Report released last year sounded the alarm on Australia’s long-term prospects, forecasting economic growth would slump from 3.1 per cent a year on average over the past 40 yearsTo reverse the trend, he called on federal Labor to do more to attract and encourage business investment.Australia’s economy was “not productive enough

Spending on machinery and equipment among companies outside the mining sector surged between September 2020 and June 30, coinciding with the pandemic-era instant asset write-off.

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