Australia needs blockchain ‘more than ever’ to flip productivity freeze

Australian Parliament Member Andrew Charlton said he believes blockchain technology could add $60 billion to the economy.

Blockchain technology could add $60 billion to the economy and reverse three decades of slow productivity growth, Australian politician Andrew Charlton told a room of digital asset executives on Tuesday.

Australia’s productivity growth grew at a “reasonably healthy” 2.1% in the 2000s, but now it’s simply not high enough to sustain basic increases in living standards, said Parliament Member Charlton at Australia’s Blockchain Week 2024 in Sydney on June 11.

“Without productivity growth, there is no sustained pathway to higher wages or higher living standards,” Charlton said, making his case for increased blockchain adoption in the country.

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