When staff cuts aren't enough

Governments and others announcing sizeable staff cuts without changing the way they do things are simply cutting services. But addressing productivity requires a long-term, focused program.

Strip aside all the endless comment on symptoms and ask: What is really wrong with Greece? The answer is simple – they did not have sufficient productivity levels given their high currency (the euro) and they covered the gap with deficit funding and heavy borrowing. If Greece is to stay within the euro it must lift productivity.

But for the mining boom Australia would find itself in a Greek style position.

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