Sydney’s most influential say education is key to prosperity

A diverse range of Sydney’s most influential people say lifting one key thing will have the biggest impact on Australia’s prosperity.

A diverse range of Sydney’s most influential people say lifting education standards will have the biggest impact on Australia’s prosperity.

In exclusive interviews for The Daily Telegraph’s Sydney Power 100 rankings, out Thursday, some of the city’s leading lights also warn of the need to improve levels of competition and get on top of the downsides of the digital transformation.

WiseTech founder and CEO Richard White said Australia needed to “create the smartest possible culture”.

“Having a much higher educated group of people coming into the workforce every year, who have the ability to innovate, that are highly creative, that want to drive productivity and performance, and that create value for the economy, that, in my view, is one of the biggest levers you can ever pull,” Mr White told The Telegraph.

The billionaire businessman is trying to do his bit by helping students get ahead while they are still at university through his expanding ‘earn & learn’ program.

WiseTech Global CEO and founder Richard White says boosting education will only help the workforce.

Australia’s ‘first lady’, Anthony Albanese’s partner Jodie Haydon, also nominated education as a key priority to ensure the future prosperity of the nation.

“As the daughter of public school educators, I am really passionate about education and the transformative effect that can have on a child’s life and the benefits that can bring to our nation as a whole,” she said.

One of horse racing’s most powerful figures John Messara said he believed education standards were declining.

“I think the quality of modern school education in our country has receded and this will have long term impacts on our productivity and our competitiveness. We need to get this fixed,” said Mr Messara, who has led the racing industry in NSW and Australia.

CBA CEO Matt Comyn.

RBA Governor Michele Bullock. Picture: Justin Lloyd.

OECD data shows a long-term decline in Australian student’s performance in reading, maths and science.

Mr Messara was also concerned about Australia’s preparedness for conflict “here or elsewhere”. This was also the top worry for others in the Power 100, including TV and radio presenter Erin Molan.

Commonwealth Bank CEO Matt Comyn said he would put productivity improvement “at the top of the list.”

Australia has been in a long-term productivity slowdown.

Prime Minister Anthony Albanese, who topped the Power 100 in 2023 said “complacency” and “inertia” were the biggest threats to Australia’s future prosperity.

“We live in a fast changing world, and unless we move, the world will go past us,” he said.

News Corp Australasia executive chairman Michael Miller said “declining competitiveness” was the no.1 problem.

News Corp Australia’s executive chairman Michael Miller refereeing rugby union. Picture: ricmacphotography.com

News Corp Australia’s executive chairman Michael Miller believes “declining competitiveness” is Australia’s top problem. Picture: Liam Kidston

Mr Miller said international comparisons showed Australia ranked poorly for entrepreneurship, product sophistication and for its tax system.

“We must do better,” Mr Miller said.

He also warned about the downside of the digital transformation, as did Australian Competition and Consumer Commission chairwoman Gina Cass-Gottlieb and Nine Entertainment CEO Mike Sneesby.

Mr Sneesby added that it was critical that there was enough housing so the country didn’t have to “throttle” back immigration to such a level that it caused a skills shortage and undermined growth.

Others on the list also raised housing as a concern. No one nominated climate change as the biggest threat to Australia’s future prosperity.