An October-2022 paper from the Commonwealth Treasury entitled "Understanding productivity in Australia and the global slowdown" draws attention to declining labour productivity in Australia. You have been asked by the Secretary of the Treasury to write a short briefing note for the National Cabinet:

1. explaining the link between innovation and entrepreneurship and the labour productivity slowdown
2. indicating policies that may be adopted by the Commonwealth, States and Territories to boost labour productivity

You understand that an evolutionary economics approach is a very useful framework for understanding this problem. In preparing your briefing note, you must remain conscious that you are writing for ministers who have little to no understanding of labour productivity, or economics, or innovation and entrepreneurship, so you must communicate concepts clearly and simply.

Hint: apply the logic (not the mathematics) underlying the Price/Fisher theorems and how they underlie the micro-meso-macro framework.

Link: Overview - https://treasury.gov.au/sites/default/files/2022-10/p2022-325290-overview.pdf