Good afternoon ladies and gentlemen, panel members, distinguished guests and fellow students. Speaking to the Melbourne Chamber of Commerce last November, Mr Steve Vizard stressed the importance of looking forward, claiming "The single biggest issue in not what we build, but what we become." So, my vision for 2050 is centered on how I want our generation to be remembered.

One of the most prominent issues in recent months relating to this is that of population. How does our population affect the economy? And how do we encourage bigger, and more, Australian families?

Economically speaking, by the year 2050, if current trends continue, the ratio of Australians of working age to those aged over 65 years will be 2.5: 1. Currently the ratio is 5:1. Thus, economically speaking, the problem that Australia is facing over the next few decades is not so much that of providing for an increasingly ageing population, but of dealing with the problems associated with a labour market shortage. We, as a nation, are better off having a growing, vibrant and younger workforce, as opposed to an ageing, shrinking one.

So, how do we increase our national working population? Firstly, and I realise that this is a controversial issue, we must acknowledge, as Mr Beazley has pointed out numerous times, our birthrate as the most powerful instrument we have, in regards to a population increase. Currently, the national birthrate is 1.7 births per woman, well below the replacement rate of 2.1 births per woman. And with figures from Australian Bureau of Statistics indicating two-thirds of children live in families who are in the top 40 per cent of income earners, the priority must be families. We need to make it more feasible for people to be able to combine family life and work commitments. Governments and businesses alike need to look at the possibilities of paid maternity leave, publicly funded childcare, more flexible work places and even financial incentives, to make the combination of work and family a viable option. What we need to become, in this regard, is a progressive nation with a priority on family. Surely, we want to be remembered for promoting the family, rather than neglecting it.

We must also understand that we need to maintain a balanced approach to population growth. For this reason, prominent business groups, such as the Business Council of Australia, believe skilled migration is a second means of increasing economic productivity, and thus, Australia’s prosperity. Being part of the global market, we need to take heed of Treasury estimates, which show that 50 per cent of the nations economic growth comes as a result of growth in the labour market. In our increasingly competitive global market, there is clearly an increased need for skilled migrants.

Economic pundits estimate that for every 1000 skilled migrants, the national wealth increases by $3.1 million over five years, and for every 1000 business migrants the national wealth increases by $49 million over the same period. Business migrants, with their entrepreneurial abilities, should continually be sought, while skilled migration should be directly linked to the needs of the labour market. As a nation, we have to grasp the opportunity before us, to enhance our nation’s prosperity, which will benefit Australians now, and even more so in 2050.

The year 2050 seems a way off, but we can affect the society of the future, with our actions now. We must encourage a people that are willing to give to this nation of ours. A fulfilled people, a prosperous nation, with family at the forefront, and a sense of community.

What we build is important, but the biggest issue, is what we become.