Good afternoon.
I’d like to begin by acknowledging the Whadjuk people, the Traditional Custodians of the land on which we meet today. I pay my respects to their Elders past and present and extend that respect to all Aboriginal and Torres Strait Islander peoples joining us today.
It’s a privilege to be here to deliver the 60th Shann Memorial Lecture.
Edward Shann was a pioneer of economics in Australia. He’s remembered not just for his deep knowledge and wide-ranging interests, but also for his curiosity, intellectual energy and strong sense of social responsibility.
In May 1963, the RBA’s first Governor, HC Coombs, delivered this lecture. Coombs – who was both a student and friend of Shann – remarked humbly that ‘others more capable have assessed the significance of his work, both for economic history and economics in Australia, and for the conduct of public affairs’. A worthy acknowledgement.
The lecture delivered by Coombs focused on the drivers of productivity growth and his message still resonates today. Coombs spoke about the vital role of trade, research and development, private investment, access to credit, entrepreneurship and education – core pillars of a strong economy then, and still relevant today.
