Australia’s economy needs to be based on a vision of shared prosperity which tackles entrenched disadvantage, Jennifer Westacott, the new Chief Executive of the Business Council of Australia, said last month.
In giving the 2011 Brotherhood of St Laurence Sambell Oration on 23 November, she said, “we are at a point in our development as a nation where the community wants confidence that Australia has a plan to make sure our national economy can be preserved and strengthened; will improve the living standards of Australians across all sections of the community; is resilient to change and is able to protect people who may be impacted by that change; and that it will allow us, once and for all, to tackle entrenched disadvantage, and to rethink and refresh the social contract that is a foundation of Australian society.
“The reality is that unless we can paint a picture of shared prosperity, the community will simply reject the economic and social policies we need to create wealth and fulfilling participation.”
She said there was a need to have “a few tough conversations in renegotiating and renewing a social contract for a prosperous future. The social contract… is the continuous negotiation between citizens and institutions about the fundamental way a society will operate.
“In Australia’s case [the social contract] is based on… fairness and mutual responsibility and protection of vulnerable people.”
True wealth, she said, is “shared wealth, common wealth,” which is “not measured by the wealth of the richest people.”
The measure of a society’s true wealth she added includes the chance for all to “go to school, university, TAFE; be literate and be given the skills and opportunities to choose the kind of career and life they want… a quality universal health system and quality care for people as they get older… people’s wages rising in line with rising national wealth… [and] an adequate safety net that allows people in need to live with dignity and optimism.”
At the same time, she said, true wealth can only be created if “our industries and businesses are prosperous and thriving and competitive.”
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www.bsl.org.au