As Australian universities navigate through the post-COVID era, skills and migration are crucial considerations for the future of higher education in Australia and the country’s economic prosperity.

Last week, Professor Eric Knight, Executive Dean of Macquarie Business School, hosted the Dean’s Distinguished Speakers Series to have a meaningful conversation with business and university leaders, policymakers, alumni and advocates about Australia’s economic potential.

The event centred around a panel discussion led by Professor Knight with Dr Martin Parkinson AC PSM, Macquarie University Chancellor, and Professor Jennifer Westacott AO, outgoing Chief Executive of the Business Council of Australia, and Western Sydney University Chancellor, as panellists.

The discussion used the Government’s recent Migration Review, chaired by Dr Parkinson, and the Seize the Moment report, released by the Business Council of Australia (BCA) during Professor Westacott’s leadership, to delve into the challenges Australia has faced and the opportunities for businesses and universities to work together to ensure that the future workforce is skilled and able to deliver the country’s goals, both in terms of economic productivity and as a destination of choice for talent throughout the Asia region.

“From the time of the first inter-generational report (IGR) in 2001, we’ve been telling everybody that the population is aging,” Dr Parkinson explained.

“Dependency ratios are rising. What we didn’t have in that 2001 period was what we’ve seen in the subsequent 20 years, which is the terrible deterioration in our productivity performance. What we also didn’t have at the time of that 2001 IGR report was clear evidence that if the participation rate hasn’t peaked, it’s pretty close to it.”

“Here we are 22 years later, and we’ve done virtually nothing about those things that were identified in that 2001 IGR. And we have just kept repeating and repeating and repeating. These are the challenges that have got to be addressed.”

Professor Jennifer Westacott added to this sentiment by saying, “Without serious reform the country is sleepwalking into lower living standards.”

“When you think about this from the human capital side, the government has only two levers,” said Dr Parkinson. “One is the education and training system, and the other is migration.”

With this context in mind, what resonated with the audience were the wise insights and recommendations for seizing the moment we face as a country.

“I guess our conclusion was we are poised but not ready. So, we need to seize the moment and we need to do that through a comprehensive suite of policy changes,” said Professor Westacott.

Citing the Seize the Moment report, Professor Westacott highlighted a few of BCA’s recommendations, such as diversifying the economy with a focus on industry policy, unleashing the potential of people, and becoming more outward looking to make sure Australia is available for global supply chains.

“This is about skills and capability, innovation and ingenuity. Therefore we have to be more competitive. We argue, of course, as the Business Council, you need to be private sector-led, but you also need effective government,” said Professor Westacott.

So, what’s the role of business schools and universities in all of this? The panel offered its suggestions: Meaningful education that will prepare graduates for the workforce and encourage them to study flexibility and tactically to build the skills they need for now and into the future; and making it as easy as possible for employers to recognise the skills graduates have when they enter the workforce – regardless of country of origin or degree.

Watch the highlights of the event below.