In this episode of the Australia Together Podcast on Substack I read Parts 2 to 5 of Chapter 3 of my latest book, The Public Interest Economy: the path to wellbeing, security and sustainable consumption in a democratised Australian economy.
Chapter 3 is called A framework for trust in a democratised Australian economy. It’s about how we can rebuild the trust that is essential for an economy that will deliver wellbeing and security for everyone.
Australians can democratise their economy and increase their influence in decisions by using National Integrated Planning & Reporting (National IP&R) to design their preferred future as a nation and to strike an essential new agreement with their governments – a National Accord on Wealth, Welfare and Wellbeing. This Accord is necessary for the restoration of trust in Australia’s governments and for the effective functioning of a democratic economy.
The National Accord on Wealth, Welfare and Wellbeing expands the ambit of the democracy for both the electors and the elected. It expands the field of decision making in such a way as to open the doors of parliament and government, and particularly the Treasury, to vast numbers of Australians. We might think of it as giving Australians the equivalent of the free parliament house passes currently enjoyed only by lobbyists and wealthy donors. And yet it does not overwhelm the elected representatives or create chaos. It will not create disarray in governance or dysfunction in the economy.
The National Accord on Wealth, Welfare and Wellbeing is essential if Australians expect to be able to create a new social contract with their governments and an economy that will deliver wellbeing. Neoliberal economic policies cannot deliver that.
The National Accord on Wealth, Welfare and Wellbeing can set down in writing an understanding that, despite what may be implied by measures of economic growth, an economy is worth little or nothing if it does not secure everyone’s welfare and wellbeing. Until that understanding is established it will be difficult, if not impossible, for Australians to set their economy onto a path to wellbeing, security and sustainable consumption. The Accord is needed to correct the failures of neoliberal governments and to stop them supporting policies which cannot create an economy with sufficient carrying capacity for everyone. It is a foundational element of a public interest economy.
Parts 2 to 5 of the chapter expand on what we can include in the Accord and how it will benefit every Australian.
Find out about National IP&R and how to get involved here.
Find out about the National Accord on Wealth, Welfare and Wellbeing here.
What’s the purpose of National IP&R and the Accord on Wealth, Welfare and Wellbeing?
If we are to build trust in the capapcity of governments to make good economic decisions, Australians will need to increase their influence over those decisions. This means we will need to increase our participation in democracy. That is what National IP&R is for and the first thing we need to use it for is to build a National Accord on Wealth, Welfare and Wellbeing – a guiding instrument for how decisions on the economy can be made in the public interest.
Australians can choose a future where neoliberal policies prevail and our prospects for wellbeing, safety and even possibly survival are ever diminishing. Or we can choose the opposite.
Australians can choose the opposite of neoliberalism because our public institutions are not yet so badly broken that they cannot recover from the depredations of neoliberalism, and we have instruments that we can use to open the doors of government without destabilising either the democracy or the economy. Those instruments are National IP&R and the National Accord on Wealth, Welfare and Wellbeing. As members of a democracy, we can do things with them that we couldn’t do until they were devised. In particular, had Australians tried to inject themselves into government decision making without the aid of National IP&R, they would have simply ended up with directionless confusion in policy development. But with IP&R, if it is well executed at the national level, they can build clarity and cohesion about the preferred future and the safe paths towards it.
Stay in touch for the next episode
Next Episode: Chapter 4, Parts 1 to 5 – This Chapter is about how to arrange Australia’s economy in the public interest and I’ll start with sections about how Australians can take a strong influential role in this by using National IP&R to build a long term plan for economic and resource sustainability.
Listen to a full reading of The Public Interest Economy
You’ll be able to listen to a complete reading of The Public Interest Economy in weekly instalments.
If you wish to keep reading, the full book has already been published and is available on Kindle here. The paperback is available for mail-order here or click on the picture below. Or visit the Australian Community Futures Planning website to purchase The Public Interest Economy at https://austcfp.com.au/publications#public-interest-economy
Useful insights into The Public Interest Economy
Click on the picture to listen to a radio interview with Bronwyn Kelly about The Public Interest Economy.
