As the governor says, this has been an ongoing puzzle. I would agree that successive governments have done many of the right things. I think one thing to keep in mind is that while productivity growth has disappointed, it was growing at least 1% over the last 20 years and of course just to get that 1% you have to do the right things.
If you go back in history when it was growing faster, you know that didn't come for free either. Just because we didn't see a big increase in productivity growth doesn't mean the policies had no effect. We were still getting one per cent.
Having said that, it is a long-standing puzzle and maybe I can get some of the brainiac professors at the Rotman School to put their minds to it.