Contents -- I. Introduction -- II. Productivity Performance and Reforms in Australia -- A. Australian Productivity Performance since 1990: Key Facts -- B. The Reform Process in Australia -- III. Empirical Model and Data Description -- A. Theory -- B. Empirical Specification -- C. The Long-Run Impact of Covariates X on MFP and Capital-Labor Ratio Levels -- D. Data Sources and Methodology -- E. Growth Accounting -- F. Level Accounting -- G. Exchange Rates for International Comparisons -- IV. Empirical Analysis -- A. A First Look at the Data -- B. Regression Results -- C. Robustness Tests -- D. Do Reforms Explain Australia's Productivity Performance? -- E. Other Determinants of MFP Convergence: the Role of Human Capital and R&D .. -- V. Conclusion -- References -- Tables -- 1. Sectoral Decomposition -- 2. Summary Statistics (1980-2003) -- 3. Correlations -- 4. Multi-Factor Productivity Leaders -- 5. Convergence of Australian Industries' Technology Level in a Panel of OECD Countries -- 6. Impact of Product Market Regulations of MFP Growth -- 7. Impact of Labor Market Institutions on MFP Growth -- 8. Disentangling the Effects of Product and Labor Market Institutions on MFP Growth -- 9. Impact of Labor and Product Market Institutions on ICT Capital Deepening -- 10. Predicted Impact of Product and Labor Market Reforms -- 11. Controlling for Other Determinants of MFP Growth -- Figures -- 1. Australia's Productivity Performance -- 2. Investments in Information and Communication Technologies -- 3. Sectoral Contributions to Real GDP Growth -- 4. Employment Protection Legislations in OECD Countries -- 5. Product Market Reforms in Australia -- 6. Australian Industries MFP Levels (relative to U.S.) -- Appendixes -- I. The Impact of Product and Labor Market Institutions on Labor Productivity -- II. Dropping Countries One by One.

III. Regressions with 3-year Averages.