Reclaiming the Fair Go
An Introduction to the concept of a Living Standard
For decades, we have been told that if the “economy” is doing well, we should be doing well too. We watch the nightly news and see lines on graphs moving upwards—GDP is rising, the stock market is hitting record highs, and corporate profits are surging. Huzzah!
But for many, those lines don’t match the reality of their lives and conversations around the kitchen table. There is a profound and growing sense that the economy has been decoupled from us, the people it was meant to serve. We are living in a country that is “wealthy” on paper, yet increasingly precarious in practice, with a growing gulf of wealth inequality putting social cohesion and community sentiment at risk.
At First Principles Policy, we believe this disconnect exists largely because we are measuring the wrong things, and by measuring the wrong things it has become impossible to discuss budgets and the economy through the frame of solving first principles issues first, as non-negotiables in a thriving society.
It is time to introduce a new way of thinking about our national success: The Living Standard (LS).
The Economy vs. The Lived Experience
The fundamental “category error” of modern politics is the narrative that the market and the economy are the same thing, which has led to decision-making the greatly skews policy towards the success of markets and investment owners, and away from ordinary people who earn an income through employment and labour.
The market is a place where assets are traded and profits are made. The economy, however, is the foundational system that should provide the “non-negotiables” for human life. When we focus purely on market signals, we’re told we should celebrate when house prices rise (treating it as opportunities for “wealth creation”) while ignoring the fact that for everyone else, the cost of shelter—a basic human need—has just become more expensive.
The Living Standard is a shift in perspective. Instead of asking “How much money is moving through the system?”, it asks: “How much effort does it take for a citizen to survive and thrive?”
The Non-Negotiables: The Bedrock of the LS
The Living Standard is built on the idea that certain aspects of life should be treated as essential infrastructure, not speculative playthings. These are the “First Principles” of a functioning society:
Secure Shelter: A home should be a place of stability, not a high-yield asset for an investor.
Accessible Health: Staying well should be a right, not a financial gamble.
Lifelong Learning: Education should be about the pursuit of expertise, not just a path to a career.
Abundant Energy: Power is the oxygen of a modern society; it should be cheap, clean and accessible.
In our current system, these are treated as “products” to be sold to the highest bidder. In a society focused on The Living Standard, these are treated as non-negotiables that must be funded and protected as a priority.
Why Focus on a New Standard?
When we focus on The Living Standard, the goal of government changes. Success is no longer about “unlimited growth” on a finite planet. Success is about reducing the friction of survival.
If we treat the LS as our primary goal, our tax system stops subsidising speculation and starts investing in stability. We stop taxing the “effort” of workers so heavily and start taxing the “luck” of land value and resource windfalls.
The result isn’t just a fairer society; it’s a more innovative one. When people aren’t terrified by the cost of their rent or their next doctor’s visit, they are free to take risks, to start businesses, to learn new skills, and to contribute to their communities.
Reclaiming the Goal
We need to stop being spectators to our own economy and start being the beneficiaries of it. The Living Standard is a promise that the “Fair Go” isn’t just a nostalgic slogan, but a measurable, protected reality.
It is time to stop asking how we can serve the economy and start demanding that the economy serves us.
Does the current “strong economy” feel like it’s working for you? We’re busy designing the inputs and measures for a Living Standard right now - If you could guarantee just one “non-negotiable” for every Australian, what would it be? Let us know in the comments