The race to reboot the Australian economy

The race to reboot the Australian economy

Investment in infrastructure has always been used as a tool for economic stimulus, but now, these projects are fundamental to Australia’s economic recovery post COVID-19.
 
Everyone wants the recovery to be quick. There’s a lot of talk about a “V” shaped recovery, but to make it quick we need these projects to be prioritised and approved.
 
But how? Some argue it takes bowling over the activists and arguing economics. Some suggest focusing on the sustainable and carbon-neutral pathway.
 
We think we need to be able to integrate the social, environmental, and economic outcomes we want in a way that will enable faster outcomes. We’ve been working for 18 years on the methodology to make this possible, so it’s time to demonstrate our value to this debate.
 
We have a series of thought leadership projects underway to showcase how this is done, so we’re keen to hear from you if you’d like to be involved.
 
Since the beginning of COVID-19 we have been facilitating webinars, many of the discussions focused on the ways in which industry can bring the economy back online, create jobs and bring back certainty to the Australian economy.
 
But we know the risk of social conflict grows during times of uncertainty and when lives and livelihoods are on the line, capital raising and job creation become more urgent than softer measures of social and environmental impact.

This gap presents a major flaw to risk assessments. We know the correlation between community concerns and project failure is getting stronger and since trust in institutions is decreasing, more of it is being placed in community leaders, creating an environment in which outrage can easily manifest.
 
This pandemic has only reinforced community concerns as a leading commercial risk for upcoming infrastructure programs. It is easy think the resumption of business to ordinary levels is the primary purpose of business and government, but recent shocks to Australian society have only reinforced our values and stoked anxieties.
 
We are now more conscious of the role of our institutions as not only vehicles to improve our economic wellbeing, but to protect our way of life. Australians aren’t just looking at profits as a measure of success, but resilience both as individuals and a community are now equally important.
 
In April, Futureye launched its regional roundtable series to lead this conversation across Australia. Click here to check our highlights reel including some of our contributions to CEDA and the Australian Institute of Superannuation Trustees.

Building a social license into our economic recovery is vital, but whether it’s the future of work or the infrastructure that underpins the fourth industrial revolution, how we mange community concerns now will determine our prosperity long after the pandemic. 

If you’d like to participate in our regional roundtables, click here to join one of our upcoming webinars or contact us directly at info@futureye.com.