Economic Sustainability

June 30th 2021

Few economists have both the global and local experience of Stephen Koukoulas. He is an economic thought leader in his role with his business, Market Economics. Stephen is often driving the debate on housing, consumer spending, investment strategies, interest rates and budget policy. This month we got his thoughts on economic sustainability.

My take on sustainability in terms of the economy is about growing the economy without having these booms and busts. Sustainability is when policymakers, the reserve bank and governments make sure that the economy can keep growing. Sure, economic booms are great. We'd love to get house prices doubling every five years or the stock market running along - But of course, that is not sustainable. These things don't last forever.

In a sense, economic sustainability is about policymakers taking the heat out of the economy when it's strong and making sure that the economy can grow. Good economic policy leads to good economic outcomes.

We could create, a million jobs tomorrow if the government spent a trillion dollars - But the consequences of that are not sustainable. So when I talk about sustainability, it's about thinking about what are the best things for the Australian people and how policymakers can achieve it. Slow and steady wins the race.

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