Australia has done a "pretty good job" of adjusting to the aftermath of its mining boom, but productivity growth continues to disappoint, deputy governor Philip Lowe told a conference today (March 8).

Real disposable income per head stalled and went into reverse in recent years, and is now no higher than it was in 2008, Lowe said during remarks in Adelaide.

It is "more than coincidental" the decline in productivity has come at a time when the federal budget is being squeezed, uncertainty is high