Henry reflects on China links
Dr Ken Henry says Australia’s future is “hopeless” if it does not make the most of Asia’s burgeoning middle class.
The NAB chairman Dr Henry spoke alongside ANZ chairman David Gonski at a function hosted by the Australia-Israel Chamber of Commerce this week.
Both suggested that the Australia’s jobs of the future would rely on growth in the Asian region.
“Over the next 20 years the number of middle class in Asia growing to 3.2 billion people more than 100 times than there are in our [country]... If we can't make opportunity we're hopeless... [There is a] need to invest in education and in skills,” Dr Henry said.
Mr Gonski said Australia would also have to manage its economy as it transitions away from mining.
“The days of being able to rely on the fact that there is minerals in those hills and that we're strong and we're wonderful are gone,” he said.
“The things we could do with this wonderful opportunity are now a need.”
"[We need] a population that is equipped with the right skills, appropriately educated across the spectrum of skills acquisition. It's a story of unprecedented opportunity."
Both speakers reflected on the year past, with Dr Henry saying world’s governments were losing the art of leadership.
“I don't think we are [seeing it now],” he said.
“This is not a point directed at Australia's government particularly, at all, I think that in the industrialised world, it's generally the case that people that we have entrusted with national leadership responsibilities have lost the art.
“If politicians are consumed by the importance of winning the battle every hour, they're not going to be focused on the long-term issues.”
Dr Henry said the anti-establishment outbursts of nations around the world were a result of people turning more toward their own networks than the classic institutions.
“They are less likely to trust politicians than what they read on social media. Why is that? We need to ask ourselves this question,” he said.