The Economy, Stupid The end of 'The Money'
Dec 12, 2024
Danielle Wood, Chair of the Productivity Commission, provides a deep dive into Australia's economic landscape, reflecting on nine years of change. She discusses the decline of cash transactions and the shift to telehealth post-COVID. The conversation also tackles the staggering losses from poker machines, highlighting the toll on vulnerable individuals. Wood further explores the concept of 'inheritocracy' and how property ownership deepens class divides, stressing the need for urgent market solutions to tackle these pressing issues.
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Economic Parallels and Shifts
- Many economic challenges from 2016 persist today, like slow growth and budget concerns.
- New challenges include rapid technological advancements and a complex geopolitical landscape.
Pandemic's Impact
- The pandemic dramatically shifted work habits, with 37% of Australians now regularly working from home.
- It also accelerated existing trends like online shopping and changed service delivery models, such as telehealth.
Missed Opportunities and Climate Change
- A major missed opportunity is the lack of sustained focus on microeconomic reform, particularly regarding climate change.
- The abandonment of a market-based carbon price was a significant setback, both environmentally and economically.