What is a well-being budget? It’s a process that seeks to set consistent long-term priorities, instead of changing priorities according to political expediency.
Peter Martin, Crawford School of Public Policy, Australian National University
The panel believes Australia will avoid a recession the year ahead, but is much less certain about the United States. It expects real wages to go backwards and economic growth to sink.
Australia’s treasury helped inspire NZ and other governments to adopt well-being budgets – now, years later, we look set to get one too. So what are the challenges ahead?
While demand for subsidised services is high and rising, many parts of the system need improvement. The federal budget can’t solve these problems by placing the entire burden on taxpayers.
Although there is strength in diversity, members of ethnic groups in power distributing resources to members of their ethnic group at the expense of national growth entrench poverty in Africa.
The March 29 budget will contain “targeted and proportionate” help for families with cost of living pressures and move fiscal policy towards stabilising and reducing debt.
Away from the states bouncing out of lockdown, spending growth was weak. The next figures, to be released after the election, might show the economy turning down.
It’s time to complete the picture and recognize public expenditures on supports for family caregivers as social investments in the well-being of individuals, families and communities
Peter Martin, Crawford School of Public Policy, Australian National University
The Conversation’s expert panel predicts prices will rise faster than Australians’ pay can keep up in 2022 – and that’s not their only concern about the local economy.