Further, recent recommendations from the robo-debt royal commission highlight the need for accountability in government and institutions to prevent the cruel and unfair treatment of vulnerable individuals. Our research findings have come at a critical time of public debate about the duty of care of public institutions to safeguard the wellbeing of the unemployed. Similarly, proponents of NAIRU are going to face mounting pressure to rationalise actions shown to directly contribute to loss of life and associated human suffering.

Loading

Next, stronger social safety nets are needed to prevent the deprivation of basic needs and despair. As a nation, we must end the social stigmatisation aimed at the unemployed, particularly given their circumstances are a consequence of deliberate policy decisions. Urgent and more extensive reforms to mental health systems are also required to ensure quality and timely care for those in need.

Finally, a broader conversation is needed on redesigning the economy to create inclusive and supportive environments that enable individuals to thrive and promote the nation’s mental wealth, resilience, and sustainable prosperity. This national dialogue should not be reserved for economists. Mental health researchers and advocates, social scientists, lawyers and the broader public have important contributions to make to this debate.

Bullock takes on the role amid a convergence of challenges that threaten Australia’s socio-political and economic landscape. The aftermath of the COVID-19 pandemic, climate change, the impact of generative AI, global economic uncertainty, polarisation, declining youth mental health and misinformation pose significant threats to social stability and national security. Bullock faces the task of guiding the RBA through these complex challenges. To succeed, she must move beyond 20th-century thinking and approaches and develop innovative strategies that address evolving societal needs.

Associate Professor Jo-An Occhipinti is co-director of the Mental Wealth Initiative and head of systems modelling, simulation and data science at the Brain and Mind Centre, University of Sydney. Ian Hickie is a professor of psychiatry and the Brain and Mind Centre’s co-director of health and policy.

Lifeline 13 11 14 or lifeline.org.au

The Opinion newsletter is a weekly wrap of views that will challenge, champion and inform your own. Sign up here.