Jim Chalmers has provided an extra $900 million to boost productivity. But this ‘high priority’ problem is going to need an across the board effort

Productivity is the greatest structural problem in our economy, according to Treasurer Jim Chalmers. He says there is “no higher priority for reform”.

Announcing a A$900 million productivity fund to be shared with the states, the treasurer told a meeting of the Australian Business Economists on Wednesday Australia’s productivity challenges would take time to turn around.

The boost comes on top of measures in the ambitious $22.7 billion Future Made in Australia initiative announced as part of the federal budget in May.