‘Resilience’ means more than big budget spending
Tonight’s budget will be about resilience. To really achieve that, we need to fix markets, rebuild trust with industry and mobilise private capital.
Here’s one prediction you can take to your boss before the treasurer’s speech: resilience will be one of the central pillars of tonight’s federal budget.
We’re not unique in the world on this point. Each of the three global leaders to address our parliament in recent months has dropped hints.
Mark Carney’s spring economic update reframed Canada’s economic strategy as a shift from reliance to resilience. Sanae Takaichi has built her growth strategy around what her government calls crisis management investment. Ursula von der Leyen says resilience and economic security are at the centre of her second term.
Resilience is the natural successor to competitiveness. Every comparable middle power has adopted it. Adopting a doctrine and making key funding and policy commitments, such as the Fuel and Fertiliser Security Facility, is a good start.
