Improving the health outcomes of Australians is not only a desirable objective in its own right, but an important determinant for Australia’s economic productivity and growth. There is an extensive body of global evidence that demonstrates healthy people are more likely to participate in the workforce, contribute to society, spend into the economy, and require less expensive care. AMA analysis presented in this report reveals that workforce participation is higher than what was projected by government, largely due to sustained and growing engagement of workers aged 55 years and older. It is estimated that this increased engagement accounts for a 2.5 per cent (an estimated $57.3 billion) increase in Gross Domestic Product (GDP) over the last 14 years, which can largely be attributed to a combination of strong labour policies and improved health. Additionally, we have seen first-hand the impact of poor health, with the COVID-19 pandemic showing us that without good health, we cannot function as individuals or as a society.

While governments recognise the importance of good health, they continue to view healthcare in Australia as a cost rather than an investment. This is particularly clear when it comes to investment in prevention and early intervention, with spending on preventative health in Australia remaining low by Organisation for Economic Co-operation and Development (OECD) standards ― less than two per cent of health expenditure, and around 1.5 per cent in 2018–19 and 2019–20. Additionally, while access to healthcare services has been an issue in Australia for many years, COVID-19 has exacerbated this issue, with delays in appointments and procedures creating a significant backlog of care. Australia’s inability to address this issue in a timely way has created missed opportunities for prevention and early intervention, resulting in patients presenting with more advanced disease and co-morbidities that are a direct result of delayed care, ultimately making it more challenging and more costly to deliver care.

This report outlines several costed, targeted, and implementable initiatives that demonstrate why health is the best investment governments can make. It is clear from these examples that investing in health ― whether it be in public health, primary care, public hospitals, private health, or future reform ― is an investment in our future and the wisest decision we can make as a nation. The AMA is committed to working with governments, healthcare professionals and communities to achieve this paradigm shift in how we perceive and prioritise health.