Economic Justice

Greens policy on economic justice

Economic justice refers to the equity in economic systems, the existence of an economy that serves everyone and offers the best chance to tackle future challenges.

Principles

The Australian Greens believe that;

  • For us to achieve an ecologically sustainable and socially just economy, there is a need that the throughput of waste and resources enables the rehabilitation and stabilisation of ecosystems.
  • A sustainable and prosperous economy depends on a healthy natural environment. Environmental stewardship is essential to economic management.
  • To provide for present and future needs, economic management must focus on improving lives instead of the consumption and production of materials produced. An economy that prioritises the economic growth based on material production is not compatible with the finite resources of this planet.
  • Climate change as a result of human activities constitutes the most significant threat to the planet. Thus, Australia and other nations must transition their economy to one that is not dependent on carbon. We must understand that it will cost less to address climate change than it would cost to fail to address it.
  • Inequitable distribution of wealth and poverty are environmentally, socially, and economically unjust and unsustainable.
  • In order to achieve social wellbeing and create a strong democracy, it is important to reduce inequalities and end poverty.
  • Democratic participation in decision making that has to do with the economy is necessary to achieve social and economic justice.
  • The government must take full control of education, housing, social, health, fiscal, and industrial policies to create better inter-generational equity.
  • Governments are primarily responsible for regulating markets and making sure that any external factor reflects market prices. In a mixed economy, markets play a major role in resources allocation. Thus they must be fair, competitive, efficient, well informed, and function well.
  • For Australia to have a secure and prosperous future, it requires an economy that is diverse, productive, and innovative, with a skilled and educated workforce as well as public investment in education, science and research.
  • Government finances must be sustainable. During downturns, it is important to stimulate the economy, and during booms, it is essential to save. All in all, government financing must focus on increasing public equity.
  • There is a need to support regional and local economies as they contribute significantly to the national economy by providing resilience and diversity.

Aims

The Greens want;

  • The integration of measures that signifies national progress into the national accounts such as producing a national balance sheet
  • An economy with less dependence on fossil fuels, thus, reducing greenhouse gas pollution.
  • A comprehensive reduction in the inequities in the current transfer and tax system
  • Reforms on taxation will make homes more affordable, removing the various policies encouraging speculative real estate investments, thereby affecting affordability.