While there are generally good headline indicators for the economy overall, concerns continue to persist by many about the quality of life in Australia.
Research recently commissioned by the Business Council of Australia on the economic and social aspirations of Australians confirmed the existence of this modern paradox. While most people felt that the economy is improving and that a strong economy is important to Australia, they did not necessarily see stronger growth contributing to their quality of life or financial security. Most felt that economic and social aspirations can and should be pursued together.
People do seem to realise that economic growth provides the capacity to deal with wider issues – they just don’t think that this has been achieved successfully to date or in a way that is relevant to their lives.
The question for business and for business leaders in Australia is: what can or should they do about this?
In an address to the Whitlam Institute, BCA Chief Economist Peter Crone discusses what the BCA describes as the ‘building blocks of true national prosperity’, which are condensed into the following ‛formulas’:
- Population + Productivity = Economic Growth
- Economic Growth + Workforce & Community Participation = Community Prosperity
- Community Prosperity + Valuing Our Environment = Quality of Life