At the recent Australian Government Economic Reform Roundtable, policy topics that were covered included: banking and finance, budget, business and industry, consumers and community, housing, economy, taxation and more similar. The stated aim of the event was, to build consensus on ways to improve productivity, enhance economic resilience and strengthen budget sustainability.
Natural capital was virtually ignored. Once again, our national health and wellbeing was being measured in terms of a budget bottom line and productivity.
Natural capital – the values of our natural environment – is essential to a prospering economy. The natural environment provides us with goods, services and amenity value that too often are ignored. A healthy, functioning natural environment is the foundation of sustained economic growth, prospering communities, and personal wellbeing.
Many governments around the world critically and decisively include natural capital in their economic analyses and budget decision making. It’s time we did too!
Further reading:
Office of National Statistics UK – Natural Capital Accounts
Environment EU – Natural Capital Accounting
Environment and Heritage NSW – Natural Capital Explained
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