Experts, Insurers Warn Treasurer of Productivity Crisis
Mental health experts and insurers unite to issue stark productivity warning to Treasurer Jim Chalmers Leading mental health experts and groups have teamed up with the insurance industry to draw attention to a major drag on Australia’s productivity; mental ill-health. In an open letter to the Treasurer Jim Chalmers, the signatories have called for bold reform which will target the root causes of mental ill-health in Australia to avoid needless misery and financial hardship. The signatories include:
“The Productivity Commission has previously found mental ill-health is costing the economy up to $220 billion a year. That’s an economic drag the federal government cannot ignore. Our economy can only ever be as good as our people,” Executive Director of Australians for Mental Health Chris Gambian said. Almost 1 in 2 Australians will experience a mental health condition in their lifetime, and mental ill-health was one of the leading causes of temporary and permanent disability for workers under the age of 30, with young people being disproportionately affected by mental health conditions. “We must do more to support Australians’ wellbeing from the get-go, not when they reach a crisis point and can no longer contribute to their communities and workplaces because they are too unwell to work,” Chris Gambian said. The coalition of signatories is urging the federal government to consider how mental ill-health is holding the nation’s productivity back, and to consider the following recommendations:
“Taking steps to stop people from becoming so mentally unwell to the point they can no longer work will be a major boost for the economy, communities, families and most importantly the person who got the support they need before a crisis takes hold. “We know working and contributing to society is good for our mental health, but not when working hours and demands are unsustainable, contributing to burn out and psychological injury. “We can’t treat our way out of rising rates of mental ill-health. We need bold reform to embed wellbeing in our policies. It will be better for Australians, and our economy too.”
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