For years, governments have focused on population, productivity and participation. But as the US election shows, they need to start paying attention to the letter F.
For decades, economists and treasurers have been banging on about the importance of “the three Ps”: population, productivity and participation.
But it’s time for our economic policymakers to focus on another trio, this time brought to you by the letter F: financialisation, fertility, and frustration. Since the Hawke government opened the country to foreign banks in 1985, the Australian economy has expanded by more than 200 per cent. The fastest growing part, by almost 860 per cent, has been information media and communications, due to the huge advances in technology since then. The second has been professional and scientific services , followed by finance and insurance services .
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