Australian Made & People Matter!

Ken Henry (Federal Treasury Secretary) wrote a compelling essay for AFR Boss recently, explaining how Treasury’s core purpose is to use “Economic policy to improve wellbeing in a sustainable manner”.

Forget about economics being dry. This article demonstrates how at the core of economic strategy, our Treasury is seeking to improve the social wellbeing of  Australians. Henry refers to a “Wellbeing Framework” containing five dimensions that are used as “filters” for determining appropriate policy.

They 5 are:

1.       Freedom & opportunity

2.       Consumption possibilities

3.       Risk

4.       Distribution

5.       Complexity

Within these dimensions sit what many would term as “soft” metrics. Questions about how safe and secure we feel in things like our jobs and welfare.  Considerations about how “complex” life may become when overloaded with too many choices and other societal pressures.

Evonne Miller also brings this concept to life via her research on the Australian Dairy Industry. She found that “despite the clear economic value of the industry … and research into mitigating its environmental effects … little is understood about its social value or impact”

For Australian Paper, we see such articles as bringing to life the tangible meaning of Sustainability and the “Triple Bottom Line”. If we truly seek to meet the needs of today, whilst catering for the needs of tomorrow, then assessment of our Social, Environmental and Economic footprint should be made holistically. Profit at the expense of natural resources isn’t sustainable. Job loss and community collapse at the expense of total conservation isn’t justifiable. Finding the correct balance is a challenge and involves multiple stakeholders.

Wonderful to see our Public Service considering and explaining the same.

What does “Triple Bottom Line” mean to you? What should business do to ensure the ongoing social, environmental and economic prosperity of all Australians?

Paul Allen