SHIFTING PARADIGMS: A DEPARTURE FROM THE 'GROWTH AT ALL COSTS' ECONOMY.

By: Doug Verley

As we usher in 2024, a profound shift in economic thinking beckons, redirecting our focus from relentless growth to values that truly enrich our lives – community, creativity, nature, and a hopeful future. The imperative is to redefine how we gauge economic progress, casting aside the conventional yardstick of GDP.

The dogged pursuit of growth, which has brought us perilously close to planetary collapse, has also sown seeds of anxiety and despair. In the coming year, a collective awakening is anticipated as governments, corporations, and individuals declare 'enough is enough.'

Australia has taken a pioneering step in 2024 by transcending GDP, unveiling its inaugural wellbeing framework. This holistic measure spans life expectancy to podcast listening hours, reflecting a commitment to evaluating prosperity beyond mere economic indices.

Yet, economist Katherine Trebeck cautions that the framework alone won't catalyse change. To construct an economy valuing both people and the planet, Trebeck advocates actions addressing root causes rather than reactive measures. Governments can adopt 'wellbeing budgets' akin to New Zealand and Canada, prioritising environmental protection and human health. Businesses are encouraged to adopt innovative structures like perpetual-purpose trusts, dedicated to purposes such as climate change mitigation or equitable profit sharing. Simultaneously, tech firms are urged to rethink their societal impact, crafting offerings that foster common ground rather than sensationalism.

— Kevin O’Neil, Managing Director at The Rockefeller Foundation and Misa Han

Sources

1. The Guardian - Australians won't experience real income growth until end of 2024, RBA forecasts
2. Treasury - Opening statement to the Economics Legislation Committee
3. Westpac IQ - We have lifted our Growth Forecasts for 2023 and 2024

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