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In 2003 I arrived at the Australian Treasury to begin my career as an economist.
Upon arriving at Treasury, I was introduced to the “three P’s” framework by then Treasury Secretary, Dr Ken Henry.
According to this framework, we were told that Australia must: 1) boost productivity; 2) raise workforce participation; and 3) increase the population via skilled migration, if the nation was to continue to enjoy rising living standards.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.