The political landscape in Australia currently faces a number of issues that threaten the future prosperity of the nation – issues related to economic and social wellbeing. From housing affordability, environmental issues, economic growth to funding issues for critical infrastructure. These issues manage to divide the nation between elections and these are the issues that all sectors of society are trying to address.
The Quest for Prosperity: Shaping Australia‘s future, has been prepared by the Legatum Institute in consultation with Chartered Accountants Australia and New Zealand. It examines Australia’s prosperity over the last decade – their current strengths and weaknesses and what this means to keep Australia’s living standards rising into the next decade.
True prosperity is more than just material wealth. Prosperity is created by both economic and social wellbeing working together. Prosperity means that citizens are able to have good health, access to quality education, strong and safe communities and opportunities to start a business or pursue a career.
This paper has been commissioned by Chartered Accountants Australia and New Zealand to examine Australia’s performance in the Legatum Prosperity Index™ (the Prosperity Index). The Prosperity Index measures the dimensions of prosperity across nine pillars: Economic Quality, Business Environment, Governance, Safety & Security, Personal Freedom, Social Capital, Education, Health and the Natural Environment.
This paper compares Australia’s performance against 34 other peer countries. Australia came sixth in the Prosperity Index in 2016, and performs particularly well in Business Environment, Health, Education and Social Capital. On other pillars, it is not far behind peer countries. This paper details the reasons for Australia’s strong performance and examines what is needed to keep living standards rising. It also identifies areas where Australia lags behind and shows what further improvements can be made.
Read the paper here.
About the Legatum Prosperity Index™
The Prosperity Index is a powerful tool that shows us how prosperity is forming and changing around the world. This provides a greater understanding of those nations that are becoming more prosperous as well as those that are becoming less prosperous and, crucially, what lessons we can draw from them.
Our research work, born out of our metrics, identifies and advocates for policies and practices that move individuals, communities, and nations from poverty to prosperity. Our analysis and our policy solutions are founded on robust evidence.