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Two Key Ingredients For Australia’s Future Prosperity

Two Key Ingredients For Australia’s Future Prosperity
June 5, 2020 Propertyology Head of Research and REIA Hall of Famer, Simon Pressley

There is no such thing as a ‘human spirit index’, but I’d argue that it is one of the most powerful forces on the planet. Whether as individuals, teams or broader society, the human race can achieve much more with a Can-Do attitude and a united approach than with a bucket of money.

Within just two months, Australia more than flattened the COVID-curve. Indeed, we pulverised it! Australia’s health and political leaders have also been very thorough in putting resources in place to contain future outbreaks of the annoying germ.

Yes, Australia is now in well positioned to launch out of this health pandemic as the envy of the world.

They say never waste a good crisis. I say COVID-19 could be used as a circuit breaker for this country to re-set, to think about where we’d like to be twenty years from now, to be visionary, to find a united purpose, and to go for gold. I mean right now!

Two key ingredients to Australia’s future prosperity are vision and positivity.

Building positivity within society involves giving significantly less airplay to the professional lemon-suckers who seem to enjoy popping an extra dose of sour in to their Twinings with every opportunity they find to forecast doom and gloom. Negative societal talk helps no one!

I believe there is such a thing as a competitive streak that humans embrace while refusing to accept defeat or failure. Admittedly, some people need more help than others to tap into this inner strength.

Humans are good at fighting our way through adversity – our war veterans and sporting heroes are shining examples of it.

We also see evidence of human spirit in everyday folk through the bringing together of communities recovering from natural disasters.

COVID-19 was an attack on society akin to a modern-day war. We were forced to bunker down indoors, have suffered en masse job losses, our children were held back from going to school, and we were all deprived of basic civil liberties such as playing sport, going to a restaurant, or taking a holiday.

But 25.6 million Australians united and won this war.

Now it’s time for us to (collectively) rediscover our mojo and set course to establish a nation of great prosperity.

 

A United Purpose

When put to good use, human spirit is very much about aspiration and action.

Individually and collectively, now is the time for everyone to refocus our attention on the future. Our cocoons have opened and it’s time to rekindle our dreams.

It’s time for those daily COVID-19 updates to be pushed well away from the front pages and replaced with positive stories about Australia’s progress out of isolation and towards prosperity.

Yes, there are some obvious challenges ahead. Life is littered with challenges.

If we focus on negatives, we’re guaranteed to end up there. Leave that to the lemon-suckers.

Big challenges are best tackled in bite-size pieces. With the occasional reminder of the big-picture purpose and snippets of proof that progress is being made, something that may have initially sounded impossible ends up becoming an accomplishment to be proud of.

From here on, Australia’s focus must be on positive reporting as opposed to highlighting the negative.

For example, instead of counting the unemployment rate higher over these next few months, report things like the rate of Australians returning to the workforce.

Other snippets of progress should include reporting the increase in the volume jobs being advertised, airport passenger volumes improving, weekly updates to highlight the (inevitable) increase in real estate transaction volumes, and increased activity in tourism and hospitality sectors as they progressively re-open.

Screw the lemon-suckers. Positive people realise that today’s weak economic metrics is a by-product of three months of isolation, as opposed to our collective abilities.

If it were up to me, the Number One priority to reboot Australia’s economy would be to develop a ‘Discover Australia’ domestic tourism campaign which markets the incredible diversity of attractions across this great country.

I’d love to see a serious tourism stimulus package that encourages people to enjoy a holiday somewhere that they have never been before.

It might be a winery and food experience, a cultural experience such as Gold Rush and gallery attractions in and around Bendigo, or exploring our bushranger or convict heritage. It might be a wildlife or national park experience, some amazing indigenous experiences, mountain biking, trekking, the wonders of tropical north Queensland, or gorgeous Tasmania.

It is time for us to get out of the cocoon and celebrate life.

The winners of such a tourism initiative are endless. In addition to us all enjoying a new adventure and having a great holiday, just imagine the economic benefits for the likes of hotels, caravan parks, Air BNB, restaurants, cafes, Qantas, Virgin, REX, tour operators and theme parks.

Let’s counter the COVID infection with the infectious nature of so much positive energy.

State governments must do more of the heavy lifting. The tried and tested way to get the economy really ticking over is through the property and real estate sector.

Incentives for first home buyers and investors is a proactive way of supporting the financial future of Australians, of reducing long-term reliance on aged pension welfare, for providing support to retailers (hardware and furniture stores), our tradies and many white collar professionals (conveyancers, building and pest inspectors, mortgage brokers, bankers and real estate professionals).

 

Personal Goal Setting

Ten and twenty years from now, we will all be recalling ‘… that crazy period in our lives…’ known as COVID-19.

Today’s smart people will ensure that they use the Covid lock-down as a circuit-breaker. They’ll review past habits, they’ll be thinking about what they want their future to look like, and they’ll be putting things in place right now.

Repeat to yourself: ‘If it’s meant to be it’s up to me.

  • Day-to-day life: What skills do you have, how can you best put them to use, how can you further develop your skills?
  • Health and well-being: What simple adjustments can you make to incorporate good food and exercise into your life?
  • Holidays: Pencil in the location and dates for your next holiday now. Break the mould, go somewhere different.
  • Household budget: For most people, COVID-19 isolation became a sharp lesson in being more responsible with discretionary spending, having a financial nest egg and the importance of good financial management. Coming out of isolation, look for ways to permanently remove waste from within your household budget and how to incorporate a structured savings pattern so that you’ll always have a little nest egg of cash tucked away for emergencies.
  • Financial commitments: Contact a lateral-thinking mortgage broker to review the structure of your loans and the competitiveness of your interest rates. From little more than a couple of phone calls, you could save thousands of dollars per year.
  • Retirement plans: For many, COVID-19 will have been a wake-up call that taught people the financial consequences of living in the moment, the importance of investing in your own future, and for having a sustainable investment strategy. There’s no better time than right now to reach out to a professional for some step-by-step guidance. You’re likely to become pleasantly surprised when you discover what is possible.

On your marks… Get set… [contact Propertyology]

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