AdviserVoiceShort term thinking could turn into real long-term risk for Australia https://www.adviservoice.com.au/2015/03/short-term-thinking-turn-real-long-term-risk-australia/ Financial planner information & financial planner education/CPD - AdviserVoice Thu, 11 Jun 2026 21:30:14 +0000 en-US hourly 1 https://wordpress.org/?v=7.0 Short term thinking could turn into real long-term risk for Australia https://www.adviservoice.com.au/2015/03/short-term-thinking-turn-real-long-term-risk-australia/ https://www.adviservoice.com.au/2015/03/short-term-thinking-turn-real-long-term-risk-australia/#respond Sun, 08 Mar 2015 20:35:49 +0000 https://adviservoice.com.au/?p=35881 Nigel Andrade

Nigel Andrade

The Australian Government released its latest Intergenerational Report today, which ‘assesses the long-term sustainability of current Government policies and how changes to Australia’s population size and age profile may impact on economic growth, workforce and public finances over the next 40 years.’

The challenges are real. But, are government policies enough? Or does Australian business need to play a major role? And what are the other forces – beyond a maturing Australia – that Australian Businesses need to respond to in a holistic manner if we are to succeed as a nation?

According to AT Kearney’s Nigel Andrade, the government can only do so much. Rather, Australian business should see this as a clear and present opportunity to act as a “force for good” and shape an Australia that is “Luckier by Design”

In their recent book titled Australia 2034: Luckier by Design, Nigel Andrade and Peter Munro identify the capabilities Australian business and other organisations will need to successfully navigate the next 20-plus years and turn these external trends from headwinds into tailwinds – and they look quite different from what has bought us thus far.

Key points

  • Australia’s current position of relative economic strength means that, despite recent drops in consumer confidence and concerns about global issues, we as a nation are in an exceptionally strong position to shape our future.
  • Our GDP has doubled in the past 20 years, GDP per capita places us at the top of the OECD league tables, and we have built a superannuation base which is 100% of GDP.
  • However, past success can no longer be relied on as a predictor of future prosperity. What this means for us as a nation is that we need a new formula for success – one that recognises we can’t predict the future but that we can prepare for it.
  • Mr Andrade highlights key challenges such as the need for shared value creation, with a focus on expanding the connection between societal and economic progress. Companies can do good and create value simultaneously. “A company which manages the conditions of the community well will be rewarded with improved competitiveness and success. Rio Tinto is a good example of this. Through investment in local community initiatives in remote mining towns, Rio has contributed to growth and cohesion in the local economy, and reduced the necessity for fly-in, fly-out workers as well as lowering labour and transport costs.”
  • Mr. Munro further argues that there are seven critical capabilities (a ‘capability manifesto’) we need in order to thrive as a nation – and he is not alone, with the likes of David Gonski, who,in his introduction to the book, also called for thinking beyond the short term.
  • “Our aim is to ignite some serious critical and long term thinking among those who are in a privileged enough position to make a real difference to the fortunes of this country. If we are to stay the “lucky country”, it won’t be by accident. It must be by design – and we need to start now.” says Mr. Munro
]]> Nigel Andrade

Nigel Andrade

The Australian Government released its latest Intergenerational Report today, which ‘assesses the long-term sustainability of current Government policies and how changes to Australia’s population size and age profile may impact on economic growth, workforce and public finances over the next 40 years.’

The challenges are real. But, are government policies enough? Or does Australian business need to play a major role? And what are the other forces – beyond a maturing Australia – that Australian Businesses need to respond to in a holistic manner if we are to succeed as a nation?

According to AT Kearney’s Nigel Andrade, the government can only do so much. Rather, Australian business should see this as a clear and present opportunity to act as a “force for good” and shape an Australia that is “Luckier by Design”

In their recent book titled Australia 2034: Luckier by Design, Nigel Andrade and Peter Munro identify the capabilities Australian business and other organisations will need to successfully navigate the next 20-plus years and turn these external trends from headwinds into tailwinds – and they look quite different from what has bought us thus far.

Key points

  • Australia’s current position of relative economic strength means that, despite recent drops in consumer confidence and concerns about global issues, we as a nation are in an exceptionally strong position to shape our future.
  • Our GDP has doubled in the past 20 years, GDP per capita places us at the top of the OECD league tables, and we have built a superannuation base which is 100% of GDP.
  • However, past success can no longer be relied on as a predictor of future prosperity. What this means for us as a nation is that we need a new formula for success – one that recognises we can’t predict the future but that we can prepare for it.
  • Mr Andrade highlights key challenges such as the need for shared value creation, with a focus on expanding the connection between societal and economic progress. Companies can do good and create value simultaneously. “A company which manages the conditions of the community well will be rewarded with improved competitiveness and success. Rio Tinto is a good example of this. Through investment in local community initiatives in remote mining towns, Rio has contributed to growth and cohesion in the local economy, and reduced the necessity for fly-in, fly-out workers as well as lowering labour and transport costs.”
  • Mr. Munro further argues that there are seven critical capabilities (a ‘capability manifesto’) we need in order to thrive as a nation – and he is not alone, with the likes of David Gonski, who,in his introduction to the book, also called for thinking beyond the short term.
  • “Our aim is to ignite some serious critical and long term thinking among those who are in a privileged enough position to make a real difference to the fortunes of this country. If we are to stay the “lucky country”, it won’t be by accident. It must be by design – and we need to start now.” says Mr. Munro

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