This short paper introduces key ideas and real-world examples driving a shift toward a wellbeing economy in Australia.
The Next Economy is working with partners to secure a future where everyone can thrive and the natural world is cherished and protected. Achieving this vision requires more than isolated reforms — it calls for a fundamental transformation of our economic systems.
In 2024, with support from the Lord Mayor’s Charitable Foundation, TNE convened a two-day gathering of change agents from across Australia. Together, we explored the preconditions for systems change and examined the opportunities and barriers to reshaping our economy.
This short paper, Heading Upstream to Tackle the Economic Root Causes, distils key insights prepared for that gathering. It introduces foundational concepts that highlight the need for upstream economic change and illustrates how our current economic structures often fall short of serving people and planet.
We frame this transformation through the lens of the 4Ps:
- Purpose: Reorienting the economy to serve wellbeing.
- Prevention: Tackling root causes rather than symptoms.
- Predistribution: Designing fairness into the system from the start.
- People Powered: Ensuring communities have a voice in shaping their futures.
Dr Katherine Trebeck, Economy Change lead at The Next Economy, said: “Across Australia, inspiring examples of these shifts are emerging. “For example, the ACT’s wellbeing framework, the appointment of a Minister for Prevention in WA and efforts by businesses to make their production processes more circular. And even enterprises like Honorbread in Bermagui becoming employee-owned and communities working together to benefit from the rollout of renewable energy.”
“However, these examples remain the exception, not the norm. This paper serves as a primer for those curious about what upstream economic change looks like and why it matters.”
Read the paper and join us on this journey:
Read more about Katherine’s work at The Next Economy:
- Mixed signals and missed champions: regional transition trends
- What’s a Wellbeing Economy?
- Rethinking economic responses: addressing the roots of challenges
📢 Stay tuned: In the coming months, we’ll be releasing a broader research project that dives deeper into the state of the Australian economy and how we can reimagine it to support collective wellbeing.