Not yet sold on the need to think long-term?
Let us break it down for you and, for the sake of argument,
we will put the ‘warm fuzzies’ aside.
Even if we pretend that we have no moral responsibility to think about those who come after us, economically speaking, short-term thinking is a profound waste of our resources, both in terms of the real costs we incur and the opportunities we miss.
But don’t just take our word for it.
Keep reading for just a few examples of how this comes to life for every day Australians.
The Costs are Adding up
For everyday Australians, the growing impacts of short-term thinking leave us facing a crisis on multiple fronts; our cost-of-living, healthcare system, accessibility of education and climate are showing us the costs of our failure to adequately plan for our future.
These are costs that everyday Australians can’t afford.
-4.8%
Australia’s real wages are 4.8% lower than pre-pandemic levels while across the OECD real wages over the same period have, on average, risen 1.5% (OECD)
33%
One in three Australian workers are at risk of job loss by 2030 from the introduction of AI without policy intervention (ACTU).
11.8%
Just under three million Australians (11.8%) live under the poverty line (Bankwest Curtin Economics Centre).
+30%
There has been a 30% increase in households unable to afford home insurance (Actuaries Institute).
+234%
The intergenerational housing wealth gap between Australians in their 50s and 30s has widened to 234% (CEDA).
46.6%
1.7 million Australians (28.3%) are considered 'at risk' of mortgage stress and 1.1 million (18.3%) are considered "extremely at risk" (Roy Morgan, Statista).
-28.6%
In 2024, Australia approved 171,394 new homes, falling short by 68,606 homes (28.6%) of its National Housing Accord goal of 240,000 homes annually (The Australian).
$38B
Over $38 billion per year is spent on care for people with chronic health conditions (Australian Institute of Health and Welfare).
82%
As of 2023, 82% of health professional occupations are in shortage (Jobs & Skills Australia).
+168%
Psychologist appointment wait times have increased from 34 days in 2019 to 91 days in 2022 (Black Dog Institute).
+54%
Industry average annual price for private health insurance premiums have increased by 54%, 20214 vs 2024 (Dept of Health & Aged Care).
+259%
61% of students were in schools with teacher shortages in 2022, up from 17% in 2018 (OECD).
+140%
Course fees have increased 140% between 2018-2023 (The Australia Institute & The Guardian).
40%
40% of schools are running out of space to meet enrolments (Office of the NSW Auditor-General).
$770B
Climate change and extreme weather are projected to reduce property values by $571 billion by 2030, $611 billion by 2050 and $770 billion by 2100
(Climate Council).
$2B
Extreme weather events linked to climate change cost Australia over $2 billion annually, straining public funds and communities (Climate Council).
-4.2T
The accumulative damages to agriculture and labour productivity from climate change by 2100 (Climate Council).
And, we are missing out on
critical opportunities
Thinking long-term, enables us to embrace preventative policymaking which will deliver net gains for our economy.
In health, policy interventions in supporting preventative healthcare has returned $14 per $1 of investment (Dept of Health & Aged Care)
In education, policy interventions in early childhood education has returned $2 per $1 of investment (Victoria University)
In youth work, policy interventions have returned $3 per $1 of investment (Youth Affairs Council Victoria)
In climate investment, climate resilience investments have returned up to $10 per $1 of investment (Global Commission on Adaption)
Analysis courtesy of Mandala Partners.
And this is why we want to
Ask for the Bill
The Wellbeing of Future Generations Bill would change this by ensuring every major policy decision considers the long-term impact, protecting young Australians from inheriting the cost of short-term thinking.
Join the Movement
Stay up to date with our progress and learn how to get involved.