The Australian economy should provide the wealth we need for our national objectives, and opportunities for Australians to work towards their personal objectives. We have had a long boom but need to future proof our economy with sound policies.
Our economy can provide opportunities and wealthWe are fortunate that Australia’s rich natural assets and strong institutions have given us:
- the highest per capita median wealth in the G20 group of nations
- the highest ‘human development’ index in those nations, and
- 75% less debt than those nations.
In Warringah we see the best of that economy:
- a diverse local economy with strong professional services, light industry and retail sectors,
- a healthy and well educated workforce with an enviable lifestyle, and
- the highest median income in Australia.
However, we risk losing our competitive edge and there are pockets of inequalityOver the last ten years:
- Productivity has fallen by a third
- We have made few economic reforms
- Our tax burden is too great on small business
And we are now seeing:
- Stagnated real wages
- Too many people in casual and part-time jobs
- A still unacceptable gender pay gap, and
- concerns over housing affordability as a sign of a growing wealth gap
Therefore, we need long term planning to boost opportunities and incomes, both nationally and in Warringah
- Support government policies that drive investment, innovation and job opportunities
- Support sensible reform to the tax system to assist individuals and small businesses – and reject the Labor investment tax changes
- Help develop further opportunities for small businesses in Warringah, and
- Improve policies to help carers, women, people over 55, people with a disability and small business owners to fulfil their lifelong career ambitions.