The reforms of the 1980s and 90s have worked their way through our economy and our society. We have enjoyed their benefits, but the jump in living standards they enabled has now faded from memory. This has been replaced by a dangerous complacency which holds that future reform to sustain living standards is no longer necessary.

This complacency is compounded by a political system and policy process that prioritises short-term interests over long-term ones. Each of the recommendations in this memo is intended to reposition long-term decision-making at the forefront of our national policy debate.