Catch the energy superpower tide to defeat recovery headwinds
Committing to stronger action on the climate is an opportunity for Australia to put the years of stagnation behind it, and move into a new era of rising real incomes.
The pandemic recession has prompted rethinking of the fiscal, monetary and immigration policies that contributed to stagnation of labour incomes, persistent unemployment and rising underemployment in the half-dozen years before the pandemic.
If the rethinking leads to sustained policy change, Australia may return to full employment for the first time in nearly half a century. That would be of historic importance for the welfare of most Australians and the health of our polity.
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Ross Garnaut is emeritus professor of economics at University of Melbourne. His new book Let’s Tax Carbon and Other Ideas for a Better Australia is published by Black Inc with La Trobe University Press.
