While Australia’s economy is considered “old”, focusing on mining and resources, economists believe that the way to modernise and grow the Australian economy in the future is to follow the 3P’s: population, participation and productivity.
Population – By enticing more young migrants on student visas, we can increase our population with highly educated individuals, giving us a better qualified workforce and making us more competitive on a global scale.
Participation – By increasing childcare availability within Australia, it provides further opportunities for women in the workplace, allowing a greater population in Australia to participate in and contribute to the economy.
Productivity – Investment in communications and transport infrastructure will increase Australia’s productivity and innovation, helping Australia to grow as a nation with further opportunities for Australians. By improving urban transport and transport-links Australia will be able to grow as a nation, with further opportunities all across Australia, not just in the suburban areas.