My email inbox and social media feeds have been full of reports about the federal government’s recent productivity summit.

I glanced at the invitation list, curious to see who was going to provide the answers to the productivity challenges of our times. The usual suspects were there – leaders of industry, government and trade union representatives.

There appeared to be agreement among them that our systems are broken when it comes to generational equity.

The president of the ACTU, Michele O’Neil, acknowledged this. So, too, did Productivity Commission chair Danielle Wood, while former Treasury secretary Ken Henry didn’t mince his words, claiming that recent governments have carried out “wilful acts of bastardry” in creating a system that will leave younger voters worse off.

We have a tax system that privileges older workers and retirees and increasingly leaves younger workers to carry the tax burden; a tertiary education system that imposes astronomical debt on students; and a housing market that is beyond the reach of most young Australians.

But there did not seem to be any discussion about the need for an action plan for young adults aged between 18 and 35.

There is actually an African Youth Charter for young people aged 15-35 that includes extensive participation rights and an obligation on states to develop a comprehensive national youth policy. The Council of Europe has a Youth Policy that is aimed at empowering young people and involving them in the development of democratic, inclusive and peaceful societies, thus “making” young Europeans “agents of change”.

The United Nations also has a youth strategy, YOUTH2030, which calls for the views of youth in every aspect of the UN’s work.

Imagine if this vision had been adopted or even discussed at the recent productivity summit. Wishful thinking perhaps. But for me, this is a genuine example of a growth mindset. It shifts the attention of policy-makers beyond the traditional and narrow prism of economic growth, to demand we think about the obligation on states to create the systems and conditions that enable young people to thrive.

Australia has had a Youth Policy in the past – the last one I could find was from 2021. We have an Office of Youth, but its purview is restricted to those aged 12-25.

And these initiatives, although filled with good intentions, fall short of action in other countries.

I was recently reading some papers about futures thinking and this quote from futurologist Jim Dator appeared often: “Any statement about the future should at first seem ridiculous.”

For many, my suggestion that genuine political engagement with young people aged up to 35 is needed will be seen as ridiculous.

Investing in education produces healthy returns – we should do more of it. Photo: Unsplash

But here’s the thing – if we are serious about tackling generational inequity, raising productivity and improving everyone’s standard of living in Australia, we need to move beyond economics as the focus of our growth mindset. We need to invest in systems of health care, education, workplace and tax reform to create the conditions under which people can thrive.

Here’s the good part – if we adopt this approach, everyone wins.  Investment in education generates an average return of 9-10 per cent. More interesting for Australia is that this return is now higher for tertiary education – so why are we making it so hard for our kids to go to uni?

Leading economists support investment in social housing as being good, not just for individuals, but also the economy. Studies repeatedly show investment in primary health care and childhood care generate strong financial returns. And economists like Henry have offered models to reform our inequitable tax system without the sky falling in.

Put simply, recognising the rights of young people is good for the economy. Sure, it might take more time to ensure proper consultation with young people, and it might mean that some older members of our society (including people like me) will have to relinquish some of the privileges they currently enjoy.

But if, as a nation, we serious about equality – and all our politicians and business leaders say they are – it’s time we adopted a growth mindset in which the rights of young people are central to any national conversations about productivity.

Professor John Tobin holds the Francine V McNiff Chair in International Human Rights Law in the Melbourne Law School at the University of Melbourne