Already a subscriber?The return of overseas workers will allow businesses to sack low-performing staff, reduce labour hoarding and boost productivity, which will all contribute to the jobless rate rising to just under 5 per cent, according to KPMG.
Chief economist Brendan Rynne said there were signs productivity growth was picking up in the United States, and given the “economic parallels”, Australia should follow suit in the coming year. Businesses were also worried about worker shortages and therefore more likely to hoard labour, including low-performing employees. At the same time, existing employees were promoted to senior positions they were not adequately skilled for, meaning they were less productive than their predecessors.
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