At The Australian Institute’s Revenue Summit in Canberra on 17 October 2018, Bernie Fraser raised an important question as to why with Australia’s 27 years of successive  economic growth  there is so mush social disquiet and sense of unfairness in the community.

Bernie Fraser was formerly Secretary of Treasury and Governor of the Reserve Bank of Australia.

He asked … how do we explain (the) disconnect between Australia’s impressive economic growth story and its failure on so many markers to show progress towards a better, fairer society? In my view a large part of the answer lies in the influence of the political ideology of neoliberalism on policy making in Australia over much of the last few decades. In varying degrees similar influences and outcomes are evident in several other developed western countries.

At its highest level neoliberalism encourages policy makers to focus on their economies, rather than their societies, with an apparent assumption that what is good for the economy will be good for society, with limited need for government interventions.

See link below for full notes

Bernie Fraser background notes (2)

Bernie Fraser - Neoliberal failure, putting the economy ahead of society