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Steven Kennedy

Biography:

Steven leads a division responsible for preparing the Government's macroeconomic forecasts, providing policy advice on economic developments, and liaising with the Australian business community about current economic conditions. Steven's research interests include labour and health economics, applied macroeconomics, income inequality and poverty, and productivity analysis.

Aspirations and Challenges for Australia

I favour an Australian society where opportunity is generated for all and in which people make the best of their lives as they see fit. I aspire to a society that enjoys the consistent application of the rule of law and where the needs of the community are carefully weighed against the needs of the individual. A society may prove divisive if it overweights the needs of individuals, or stifling if collective goals are over emphasised. I hope for an Australian society in which people search for meaning in their lives and promote the spiritual development of others. It is through the search for meaning that insights are generated and values and identity discovered.

Economic growth and industrial development in Australia, and in many other countries, has too often relied on exploiting and diminishing the environment. This is clearly a short sighted approach, particularly in terms of intergenerational equity. If we do not engage fully with environmental issues and incorporate solutions into our day-to-day lives we will bequeath to future generations a much diminished Earth. I believe that exploitation of the environment is mostly about market failure and unrepresented rights and it is through addressing these issues that we can promote sustainable development.

Australia is today and is likely to remain a relatively rich country. Why then should we strive for more economic growth? For example, is it not just a matter of distributing all that we have more equally and the ills of Australian society will be cured? I believe this is a misguided approach to promoting a cohesive and well functioning society. A cohesive society requires not only a sense of fair play and well-being but also new opportunity generated through growth and development.

A continuing challenge for Australia is to ensure that we create an environment that encourages opportunity. An important dimension of this is providing education and training so that all members of society can maximise their potential. This will not only promote economic prosperity but also generate richness in arts and leisure.

In the global economy, and more generally in global politics, Australia is and will remain a small player. In the future China and India are likely to become much more influential in global affairs and the influence of the United States will begin to wane. Initially this change may be economic in nature but increasingly it will have political and military dimensions. Despite its size, Australia has an important role to play in global affairs. It must continue to promote international institutions. We must also play our part in promoting economic development, particularly in our region. If the prosperity of the future is not widely shared, not only will we fail our fellow global citizens but we will reap the consequences through war and terrorism.