The Productivity Board is an independent body consisting of five members who are experts on productivity and competitiveness and are not bound by instructions. Representatives of the Oesterreichische Nationalbank (OeNB) and the Parliamentary Budget Office (PBO) as well as other experts attend Productivity Board meetings in an advisory capacity. By establishing the Productivity Board in 2022, Austria has implemented EU Council Recommendation 2016/C 349/01, which aims to establish national productivity boards (NPBs) throughout the European Union. The members of the Productivity Board are appointed for a term of six years by the federal government, the Austrian Economic Chambers and the Federal Chamber of Labour.

The Office of the Productivity Board is attached to the OeNB and, with a staff of four employees, supports the Productivity Board in fulfilling its tasks.