Have you gained from Australia’s 26 years of uninterrupted economic growth?
Key insight
Very few people no matter their employment status, think they personally or people like them have gained a lot from Australia’s 26 years of uninterrupted economic growth. Most believed that large corporations and their senior executives and foreign shareholders are the big winners.
More Insights
Almost three-quarters of Australians believe that large corporations and senior executives have gained a lot. While over 40 per cent of respondents believe that they have not gained personally at all, and just five per cent of respondents felt that they had personally gained a lot.
The results remind us that the community assesses the benefits of sustained economic growth based largely on their current circumstances and whether they feel like they are getting ahead. Those who are in full-time employment, living in a capital city or major regional city and “living comfortably” are more likely to identify themselves as gaining from Australia’s strong record of economic growth.
Not surprisingly, those in more insecure work and living in regional and rural towns are less likely to identify themselves as gaining from economic growth. One in two people aged 50 or over feel they have personally gained nothing from the past 26 years of economic growth despite the baby boomer generation being seen as having enjoyed significant prosperity.
What does this mean?
Australia’s competitiveness is fundamental to future economic opportunities. The challenge for business and policy makers is how to connect the wider community to the importance of sustaining economic growth and development on the back of business strength and investment. There is more work to do if Australians are to feel that their aspirations and expectations are genuinely connected to the actions and activities of business.
