Australia must diversify its economy and lead on decarbonisation
Global industry policy is being reshaped, led by the US investment in the energy transition. The National Reconstruction Fund should play an important role here.
Australia has reached an important crossroad. Our rate of economic growth is low and slowing down, and is worse on a per capita basis. Productivity gains in the past decade were the lowest in 60 years. Our education standards are falling. Vulnerable Australians are being left behind.
It is time to seize our moment. The decisions we make today – or don’t make – will influence how we cope with the huge global forces coming our way – climate, demographics, geopolitics and more. They will determine our standard of living for years to come and define the legacy we bequeath to future generations.
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Tim Reed is the president of the Business Council of Australia.
