That’s the headline for my latest article in Independent Australia. Opening paras
WITH THE economy in recession as a result of the COVID-19 pandemic and depressed conditions likely to continue for a year or more to come, attention has turned to strategies to promote recovery.
Unsurprisingly, most participants in the policy process have turned to the kinds of strategies they have always favoured.
High on the list for many is increased investment in physical infrastructure projects and particularly transport infrastructure. Such projects, always announced with an impressive-sounding number of associated jobs, lend themselves to images of legions of workers toiling with picks and shovels (the term “shovel-ready” is commonly used for projects ready to be implemented rapidly). And the announcement of such projects gives rise to media-friendly images, mercilessly satirised by the ABC program Utopia, of politicians in hard hats and hi-vis vests, busily engaged in building the nation.
the biggest investments we need to make are in people, not concrete. The pandemic has exposed huge weaknesses in our social infrastructure, from aged care and public health to university education. These are the areas that desperately need more investment if we are to make the economic transformation we need.