By any measure 2016 has been an eventful year. Weak global economic growth, rising security threats and a clear sense that the benefits of globalisation have not been shared equally have brought about political change – most notably in the United States and Britain. But the challenges of securing sustained growth, greater prosperity and a fairer society are just as relevant to Australia and all major advanced economies around the world.

There is no doubt that Australia is a prosperous nation, now entering its 26th year of uninterrupted growth, with 3 per cent growth forecast for next year. It's an impressive record, achieved despite the global financial crisis, reversal of the commodities boom and changes in political leadership.